Medicare Supplement plans are also called Medigap plans because they help to fill the coverage gaps left by Medicare Part A and Medicare Part B. To be eligible to purchase a Medicare supplement insurance plan, you must enroll in Original Medicare Parts A and B.
The 20% not covered by Parts A and B is mostly, if not entirely, covered by Medigap policies. It is sold by private insurance agencies that help pay for some of the costs that Medicare doesn’t cover. Copayments, coinsurance, and deductibles are a few examples of these costs.
Ten different policies are named with a letter (A through N). Each policy offers different levels of coverage. All Medigap policies must follow specific federal and state laws. No matter which insurance company sells the policy, the benefits for each letter plan must be the same. The only difference is the price. The policies do not cover long-term care.
Types of Medicare Supplement Insurance Policy
There are ten types of Medicare Supplement Insurance policies, each with benefits. They are labeled with the letters A through N. Understanding the differences between each policy type is essential to choosing the one that best fits your needs.
Top 10 Companies That Offer Medicare Supplement Insurance Policy
Some of the top companies that offer this insurance policies include:
- Mutual of Omaha.
- Blue Cross Blue Shield.
- Christian Care Ministry (Medi-Share).
- Equitable National Life Insurance Company.
These are just a few of the many companies that offer Medicare supplement insurance policies.
What Does Medicare Supplement Insurance Cover?
This policy helps pay for certain healthcare costs that Original Medicare doesn’t cover. Depending on the type of policy you select, it may include:
- Part A hospital coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.
- Part B coinsurance or copayment.
- Blood (first three pints).
- Part A hospice care coinsurance or copayment.
- Skilled nursing facility care coinsurance.
- Part A deductible.
- Part B deductible.
- Part B excess charges.
- Foreign travel emergency.
Listed above are some of the things covered.
What Does Medicare Supplement Insurance Not Cover
This policy does not cover:
- Long-term care.
- Prescription drugs.
- Dental care, eyeglasses, hearing aids.
- Private-duty nursing.
- Routine foot care.
- Vision or hearing exams.
- Chiropractic care.
- Cosmetic surgery.
- Experimental treatments.
In addition, it does not cover medical care when traveling outside the U.S. (except for foreign travel emergencies, which are covered under some Medigap policies).
Pros of Medicare Supplement Insurance
There are many pros to having a Medicare supplement insurance policy, including:
- No referral requirements.
- No networks.
- Guaranteed renewal.
- Widely accepted.
- Many choices.
- Coverage for hospital stays.
- Coverage for doctor visits.
- Coverage for preventive care.
- Coverage for blood transfusions.
These are the pros of this policy.
Cons of Medicare Supplement Insurance
There are a few potential drawbacks to this insurance, including:
- Plan selection.
- Out-of-pocket costs.
Listed above are some of the cons of this policy.
Factors That Affect the Cost of Medicare Supplement Insurance
The cost can vary depending on several factors, including:
- Health status.
- Tobacco use.
- The type of plan you choose.
- The insurance company you choose.
These are some of the factors that affect the cost of this insurance policy rate.
How to Apply for Medicare Supplement Insurance Policy Online
If you are interested in applying for Medicare supplement insurance online, there are a few steps you will need to follow.
- First, you will need to gather some information, including your Medicare number, your Social Security number, and your date of birth.
- You will also need to know the type of policy you are interested in and the company you want to purchase it from. Some top companies that offer this insurance include UnitedHealthcare, Aetna, Cigna, Humana, Mutual of Omaha, etc.
- You can go to the website of the insurance company you have chosen and begin the application process.
You will be asked to provide basic information, including your name, address, and contact information.
For more information, visit https://www.medicare.gov/medigap-supplemental-insurance-plans
Frequently Asked Questions
Below are some frequently asked questions.
What is the Difference Between Medicare and Medicare Supplement Insurance?
Original Medicare, or Medicare Part A and Part B, is provided by the federal government and covers essential medical services. Medicare supplement insurance, or Medigap, is sold by private insurance companies and helps cover some of the costs that Original Medicare doesn’t cover.
What Does Medicare Supplement Insurance Not Cover?
Medicare supplement insurance does not cover long-term care, vision or dental care, hearing aids, prescription drugs, or private-duty nursing.
Who Is Eligible for Medicare Supplement?
People aged 65 and older who have already enrolled in Medicare Part B can purchase a Medicare Supplement (Medigap) plan. In some cases, Medigap plans may be available to customers under 65 if they have qualifying disabilities.
Medicare supplement insurance can be a valuable addition to Original Medicare. It can help cover costs that Original Medicare doesn’t cover, and it can provide peace of mind in knowing that you’re protected in case of a medical emergency.
There are a variety of different Medicare supplement insurance policies available. This insurance can help you get the care you need and enjoy a healthier and more secure future.