Have the regular hospital visits being heavy on the pocket lately? Signing up for the Medicare Plans have not been effective to cover the medical expenses after a certain number of treatments.
This is where the Medicare Supplement Plan comes for help. It is created keeping the gaps of the Original Medicare Plan in mind. This has earned it another name called ‘Medigap’. The most prominent gaps include deductibles, co-insurance and co-payments.
How does Medicare Supplement Plan Work?
If you have the original Medicare Plan, it shall initially pay all the medical expenses incurred during that treatment. Once that is done, the supplement plan pays its amount according to the policy described in it. It acts as a financial support to the main Medicare Plan.
What does Medicare Supplement Plan Cover?
There are a total of 10 Medicare Supplement Plans each represented by a letter of the alphabet beginning from A all the way up to N although E,H, I and J are no longer available.
- Medicare Supplement covers co-insurance costs up to an year after the Original Medicare Plan has expired.
- The Part A and Part B of the Medicare Plan covers hospice and copayment costs.
- The Medical Supplement plan also includes the costs incurred for the first three pints of blood.
- The Medicare Supplement Plan F is the most comprehensive scheme out there and it includes all the deductibles for the A and B Parts, coinsurance charges for the B Part and even a foreign travel medical coverage.
When and How to Enroll for the Supplement Plan?
The Medicare Supplemental plans is provided by private insurance agencies and to enroll into one, you have to be enrolled into a Medicare Part A and Part B. You can enroll for the Supplement Plan during open enrollment.
If you are 65 and older, your enrollment commences when you be a holder of the Part B Medicare Plan.
If you are turning 65, your best enrollment period would be the first 6 months after you have turned 65 and while enrolled in the Part B during that period.
Note that if you are under 65, you would not be eligible to buy any Medigap Plan according to Federal Law.
A variety of private insurance companies out there offer the Medigap insurance plan. Thus, it is recommended you go through the schemes each one has to offer, carefully and compare its premiums and benefits. It is essential to understand their pricing schemes and analyze how it would be beneficial down the line. Note that, premiums may subject to increase with respect to the behavior of general market also.