6 Facts About Your Medicare Supplement Plan
It’s that time of year again: open enrollment during which you can sign up for the preferred health care plan of your choice, or make various modifications to your current insurance plan. If you are currently on Medicare, you may be curious to know how best to use the plan, especially when it comes to prescribed medications and supplements. The following are six facts that many people are not aware of when it comes to the supplementary portion of their Medicare plan.
1. Covering the “Gap”
Supplementary coverage is essentially a health plan that serves as a companion piece to your currency Medicare and helps to cover any costs regarding services or supplies not paid for by the original plan. The things they cover include copayments, deductibles, and coinsurance payments. However, to qualify, you need to be enrolled in plans A and B of Medicare.
2. Comparison Shopping
It is recommended that you start comparing different plans from private insurance companies and their pricing, even if you are not currently suffering from any conditions. The idea is to shop for your Medigap plan while you are still in good enough shape to be issued a good and affordable plan. This is because of a clause pointing to attained age versus issue age, which is the cost of the plan when you first purchase it when in good health, versus when it is actually issued to cover the cost of treatment. So, don’t forget this important note when looking for a suitable Medicare plan.
3. Where to Purchase
Both your Medicare plan and the supplementary Medigap portion of your coverage can be purchased from any health insurance company licensed to function in your state. To make it even easier, you can look for a health insurance broker who works in your city and is familiar with all the local laws, and knows all about the best providers for you.
When it comes to the Medicare supplement plan, you will be responsible for paying a monthly premium to help pay off the costs that the Medigap policy will pick up. This is in addition to the monthly premium paid for parts A and B of the general Medicare plan. As noted above, this is because the Medicare policy is different from the supplementary plan. Plans A and B, with the Medigap policy, are the prime ways of getting Medicare benefits.
Any supplementary plan or Medigap policy you purchase can definitely be renewed, even if you face a health issue. This means that the insurance company can’t cancel your policy regardless of the changes in your personal circumstances, but you do need to remain up to date with your premium payments. This can help provide a measure of reassurance.
6. Not All Supplement Plans are Created Equal
There are some things that supplementary plans do not necessarily cover. For example, Medigap policies don’t always cover long-term care, vision or dental issues, or even some things such as hearing aids, eyeglasses, and so on. You will need to look for other supplementary plans to help cover the treatments you need.
If you are worried that you may not be able to get the coverage you need for yourself or your loved ones, then it makes sense to start your research early on. You are bound to find the right plan for you, provided that you shop around and reach out to a health insurance agent near you for more information.