Find the Correct Medicare Supplements Here!
Medicare does not cover every health care expense for people over 65 years or those on Medicare due to a disability. This results in gaps in their health insurance coverage. But there are several ways to complement Medicare with supplemental insurance.
Why the Need Medicare Insurance Supplements?
Medicare Part A and Part B have deductibles that must be paid before coverage begins. Medicare Part A has a deductible over $1000 and Part B’s deductible is just over $100.
After both deductibles are paid, Medicare then provides 80% coverage for healthcare costs. This leaves the person responsible for paying the other 20%.
What does Medicare Supplement Insurance Cover?
Medicare supplements – also known as Medigap — fill in the coverage gaps left by Medicare. These plans are available to those with Medicare Part A and Part B coverage.
To receive Medigap coverage once enrolled, seniors must pay their deductibles first. Some Medigap plans include deductible coverage, offering a streamlined alternative to managing health care expenses a little easier.
Who Is Eligible?
Seniors who do not have health insurance – either from group, retirement plan or from their own individual purchase – are eligible for Medigap coverage if over 65 or on Medicare Parts A & B. If some case if you are on Medicare due to a disability there may not be Medicare Supplements insurance available to you.
Providing Medigap Coverage
The Federal government regulates Medigap coverage, and private insurance companies provide the coverage to seniors. Private insurance companies must clearly specify their Medicare supplement insurance packages, and they can only sell standardized Medigap policies under this name.
The companies can choose which policies they offer, and they do not have to offer every Medigap plan. This choice may also be affected by local state laws that may require private insurance companies to offer certain plans in specified areas.
The Federal government does require that insurance companies offering any Medigap policy must also offer Medigap Plan A. They must include Plan C or Plan F as well.
The Medicare Supplement Plans
The Medigap Plans are labeled A, B, C, D, F, G, K, L, M and N, each offering a mix of fully and partially covered services. These plans are standardized across the United States, except for of Massachusetts, Minnesota and Wisconsin. These states have different Medigap policy standardizations.