Medicare Supplement Insurance Information
If you thought that Medicare covered all of the costs associated with your senior healthcare, it behooves you to read further and to take action to protect your finances. The many rules, regulations, and conditions that surround the Medicare issue can be daunting or confusing at best. Will it cover every cost associated with your health care? Are there annual deductibles that must be met? How can you meet all costs through an insurance strategy?
Common Medicare Supplement Mistakes
These questions are common and they brought about the need for Medicare Supplement Insurance. Medicare Supplement Ins came about to meet the needs of those whose medical costs exceeded their Medicare eligible coverage. It is sometimes referred to as “Medigap” insurance, because it covers where Medicare leaves off. Having both coverage’s means that you have a primary payer and a secondary payer. Unless you are insured by your employer, Medicare will normally be your primary payer of medical costs and your Medicare Supplement will be your secondary payer. The secondary will normally cover costs such as co-payments and deductibles, as well as costs exceeding the Medicare table of approved charges. Your medical service provider will send the first invoice to your primary insurance payer, and then to your secondary for any unpaid balance.
Medicare Supplement Insurance Networks & Coverage’s
It is important to know that there are no networks of hospitals and doctors when it comes to Medicare and Medicare Supplement insurance providers. As long as the doctor or hospital accepts Medicare they have to accept your Medicare Insurance Supplement by law. Medicare does not cover you when you are traveling outside of the United States, so, if you travel abroad, you should consider a Medicare Supplement Ins. that offers this protection (only covered by certain plans with limitations). Also, a policy covers only one person. Spouses must have their own individual Medicare Insurance Supplement policy. Be mindful that this additional supplemental coverage comes with its own monthly premium. Your Medicare premium does not include supplemental insurance.
Supplemental policies do not include prescribed medication coverage (Part D). This is no longer permitted. Instead, Medicare part D offers options for prescribed medications. There are time limits tied to your first eligibility age for both Medicare part D and for supplemental plans.
Medicare Supplement Ins Resources
These are some of the resources available to help you make informed decisions regarding your healthcare decisions. Those questions in your mind can be answered, but you are the one who must reach out for your individual solution. Start your search today. Medigap coverage is essential to our aging population, and it requires your attention soon after you become eligible for enrollment.