If you have trouble paying for out-of-pocket Medicare expenses, you can get supplemental coverage. Medicare can be confusing with various options it has, get in touch with us today for any questions around Medicare and options around it.
Medicare is a federal health insurance program aimed at retirement-age Americans. It helps make health coverage more affordable and less costly than private health insurance. Many people even get part of it premium-free. However, Medicare beneficiaries still have to pay for some costs of health care — like deductibles and coinsurance — on their own. Medicare Supplement Insurance, also known as a Medigap plan, can help cover these expenses.
Medicare Supplement Insurance plans help people enrolled in Original Medicare pay out-of-pocket health insurance expenses, like copays, coinsurance, and deductibles. Original Medicare is comprised of Medicare Part A and Medicare Part B.
Part A is insurance for hospital care and Part B covers doctor and outpatient insurance. If you are enrolled in Medicare Part C, a private alternative to Original Medicare, then you cannot get a Medicare Supplement policy.
Your specific coverage varies depending on what Medicare supplement plan you buy. There are ten standardized Medigap plans, identified in most states by letters: A, B, C, D, F, G, K, L, M and N. (Massachusetts, Minnesota and Wisconsin standardize their Medicare Supplement plans differently.)
They help people pay for their share of the costs for health care services covered by Medicare. Those costs include:
A set amount is called a deductible you pay before Medicare starts paying. Medicare has two deductibles:
one for Part A, which covers hospital services, and
one for Part B, which covers medical services.
Hospital expenses are applied after you meet your Part A deductible. Medicare pays your expenses for the first 60 days you’re in the hospital.
A portion of the cost of most services after you meet your Part B deductible. Medicare pays 80 percent of your costs. You pay the other 20 percent.
With most Medicare supplement plans, you can go to any doctor or hospital that accepts Medicare. You’ll give them your Medicare card and your supplement plan ID card.
Original Medicare will pay its share. Your supplement plan will pay your share of the costs, depending on what the plan covers. It may also coordinate payment with Medicare and your health care providers. That means you won’t have to bother with claim filing or paperwork.
Medicare and the options around it can get confusing. Connect with us today if you have any questions about Medicare and Medicare Supplement Insurance.
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.