Oklahoma Medigap Insurance
Medicare is the federal program designed to provide health insurance to seniors over the age of 65, people of all ages who receive Social Security disability payments for at least 24 months and individuals suffering from certain other conditions. However, Medicare does not cover all costs, and recipients can still be left with hundred or even thousands of dollars in unpaid charges. Oklahoma Medigap Insurance (Medicare Supplement insurance) helps pay for medical expenses not covered by Medicare.
About Medigap Insurance Oklahoma and Medicare
Medicare consists of four parts. Part A covers expenses for inpatient hospital, hospice, nursing home and home health care. Part B covers doctor visits, lab tests, outpatient hospital treatment, physical therapy and selected other expenses. Part D offers prescription drug coverage. Medicare Part C provides for the Medicare Advantage Plans, which allow patients who qualify to select preferred provider organizations and health maintenance organizations, commonly known as PPOs and HMOs. All plans have limits on what will be reimbursed for covered services, and the patient is responsible for any unpaid amounts. By enrolling in Medigap Oklahoma residents can protect their assets from unexpected medical costs.
Oklahoma Medigap Basics
The Oklahoma Insurance Department oversees insurance companies selling Oklahoma Medigap policies within the state. Medigap Oklahoma plans are limited to 10 standardized plans. Medigap Insurance Oklahoma plans are lettered A through N. Insurance companies do not have to offer every possible plan, but all approved Oklahoma Medigap Insurance providers must at least sell the plan that provides basic benefits only, which is referred to as Plan A. Once an Oklahoma resident becomes eligible for Medicare, he or she is legally entitled to purchase Oklahoma Medigap Insurance during the company’s open enrollment period. Insurance companies selling Medigap Oklahoma plans cannot refuse to cover applicants during this period, force them to buy a specific plan or charge them higher premiums than those in effect for others of the same age.
What Oklahoma Medigap Plans Cover
Because companies are allowed to sell a variety of Medigap Insurance plans, consumers must carefully compare the plans to determine what each covers. The basic Plan A covers up to 365 days in a hospital beyond what Medicare will pay and co-payments for services covered under Part B. However, it does not help with nursing home coinsurance payments not covered by Medicare or emergency medical care while traveling in a foreign country, so individuals desiring that type of protection will need to examine other plans. Each plan can have different deductibles, co-pays, covered services and premiums. The Oklahoma Insurance Department recommends that consumers perform a side-by-side comparison of the available Medigap Insurance Oklahoma providers and plans to determine the best choice for each individual’s needs. Our advisors here at Medigap Providers will be able to walk you through each plan and give you price comparisons.
Benefits of Oklahoma Medigap Insurance
Medicare requires patients to pay a deductible for each hospital stay, and if the stay extends beyond 61 days, they are liable for a hefty daily copayment. After 150 days, Medicare will pay nothing toward the hospital bill. Part B requires you to meet a deductible plus pay 20 percent for physician services, medical equipment and physical therapy at an outpatient facility. In addition, Medicare sets the amount it will pay toward every service, which may be less than the provider charges. Patients are responsible for any charges that exceed the amount set by Medicare. Medigap Oklahoma insurance can cover most of these charges, depending on the plan selected. This helps patients protect their savings, retirement funds and personal property. However, purchasing an Oklahoma Medigap plan ultimately is a personal decision that requires individuals to decide for themselves the types and amounts of coverage they need. Let one of our advisors answer all the questions you may have on Medicare Supplemental insurance plans.