Facts About Medicare Supplement Plans You’d Regret to Miss Out
Approaching the age of 65 means you’re prone to more health problems. But the good news is you’re about to be eligible for Medicare. And if you’re eligible, maybe you’re now trying to sign up for Medicare. If so, it’s a good idea also to consider getting a Medicare supplement plan, AKA Medigap. These plans are developed to pay for the out-of-pocket expenses that original Medicare won’t cover.
However, there’s more to these plans than just filling gaps in coverage. In this blog post, we’ll share some facts about Medicare supplement plans that you might regret missing out on if you don’t know about them. Let’s get started.
These Plans Pay for the Out-of-Pocket Expense Medicare Won’t Pay
Though Medicare Part A and B cover almost every expense you need, some medicines and treatments still need out-of-pocket expenses, and it’s the Medicare supplement plan that will pay for those expenses. These expenses can include deductibles, coinsurance, and copayments.
Okay, let’s say you need to have surgery that costs $20,000. Original Medicare would cover 80%, leaving you with a $4,000 bill to pay out-of-pocket. However, if you had a Medigap plan in place, it could pick up some or all of that remaining balance, depending on the specific plan you choose.
Medigap Plans Work Hand-in-Hand With Medicare Part A and B
Medigap plans, also known as Medicare Supplement plans, work hand-to-hand with Original Medicare (Part A and B). This means that Medigap policies are designed to fill the gaps in coverage left by Part A and B. Note that Medigap plans only supplement Original Medicare benefits – they don’t provide additional coverage for services like prescription drugs or vision care. If you need these types of services covered under your plan, you’ll need to enroll in a separate policy.
These Are Standardized
Each plan offers the same coverage regardless of which insurance provider you purchase it from. There are ten different Medigap plans available in most states, labeled A through N. Each plan has its own set of advantages and costs associated with it. However, every insurance company offering a particular lettered plan must provide the exact same benefits. This standardization makes it easier for beneficiaries to compare plans and prices between different companies. It also ensures that consumers can rely on consistent coverage regardless of location or chosen insurer.
It’s worth noting that not all states require insurance companies to offer every Medigap plan option. Additionally, some states have specific rules regarding premium pricing and enrollment periods. Medicare Supplement Plans or Medigap plans are indeed a fantastic way to fill the gaps in your healthcare coverage. They work hand-to-hand with Medicare Part A and B, paying for the out-of-pocket expenses that original Medicare won’t cover. And unlike other insurance policies, these plans are standardized across all states and don’t require claim forms.
