What is Medicare Supplemental Insurance?
When people approach the age of retirement and are expecting to get Medicare, they will often hear the phrase Medicare Supplemental Insurance used on television or in magazine articles. Often the phrase is ignored because it is thought that Medicare is all that is needed; it is basically complete health care coverage. This is a misunderstanding of Medicare and can be costly to a retired person’s finances. Medicare covers about 80 percent of the medical bill. The balance you are responsible for, but this is where the importance of a Medicare Supplemental policy comes in.
What is a Medicare Supplemental policy?
Fundamentally, these Medicare Supplemental Ins policies cover part or all of the missing 20 percent of the doctor or hospital bill. They are designed and regulated by the federal government but are sold by private insurance companies. The time to purchase a Medicare Supplemental Insurance policy is roughly the same time you enroll in Medicare. In fact, the period of time to purchase a policy is within six months of enrolling in Medicare. During this time, there is no penalty for pre-existing conditions and you are not required to take a physical.
What will my Insurance Medicare Supplemental policies cover?
This will depend upon which Insurance Medicare Supplemental policy you choose to purchase. As of 2013, there are 10 different plans that offer a range of coverage. These policies are stipulated by federal law and are the same regardless of the company you buy them from. The government has given them letters, so they are easy to keep track of by the consumer. These Medicare Supplemental Ins plans begin with the letter A and run through N. There are gaps in the letters because plans have been dropped and added over the years. Plan A offers the most basic coverage while Plan F offers extensive coverage.
How do I go about getting quotations for an Insurance Medicare Supplemental policy?
You can call insurance companies or request quotations on the Internet. There are even websites that will get the quotes for you, and all you need to do is enter your information once. It is a good idea to quote using this type of service because insurance companies are not required to offer all of the Medicare Supplemental Ins plans. By law, if they want to sell Medicare Supplemental plans they must offer Plan A. They must also offer Plan C or Plan F, but this means they may not offer the plan you are interested in.