If you are a Medicare beneficiary, you may be looking for ways to offset the costs that remain after your Medicare plan has paid its portion of your healthcare costs. Medicare Part A helps cover approved hospital and skilled nursing charges, and Medicare Part B covers outpatient procedures, such as visits to your primary care physician. Still, the benefits provided by Part A and Part B do not pay 100 percent of all of your medical care.
Medicare Supplement Insurance can be used to help cover costs that remain after Original Medicare has already paid. These costs may include deductibles, copayments, and coinsurance.
Here is a bit of additional information about Medicare Supplement Insurance to help you better understand it.
Is Medicare Supplement Insurance Different From Medigap?
Medigap is actually another name for Medicare Supplement Insurance. The two terms are interchangeable. Thus, whenever you see Medigap mentioned, it's referring to a Medicare Supplement plan.
Who Offers Medicare Supplement Insurance?
Private insurance companies offer Medigap policies. As a result, different policies may be offered by different insurance carriers. Still, the policies and benefits offered by the plans must be consistent with government guidelines.
Can a Person Obtain Medicare Supplement Insurance if They Don't Have Medicare?
In order to be eligible for a Medicare Supplement policy, you must already be covered by Medicare Part A and Part B.
Is Medicare Supplement Insurance the Same as a Medicare Advantage Plan?
Medicare Supplement plans and Medicare Advantage policies are different. Medicare Advantage takes the place of Medicare Part A and Part B. However, Medicare Supplemental Insurance only supplements existing Original Medicare policies.
Are Medigap Policies Free?
You are required to pay a premium for your supplemental insurance. This premium is paid to the private insurer that provides your Medigap coverage. Your Part B premium must be paid separately each month.
Can a Medigap Policy Be Canceled Due to a Change in Your Health?
Your Medicare Supplement coverage cannot be canceled as long as you pay the required premium. Thus, if your health worsens, your policy remains in good standing.
Does Medicare Supplement Insurance Cover the Cost of Prescription Medicines?
Medicare Supplement policies do not provide prescription drug coverage. In order to obtain drug coverage, consider adding a Medicare Part D plan.
Do Medigap Plans Cover Vision and Dental Care?
Medigap does not provide dental or vision coverage. Additionally, hearing aids are not covered by these plans.
For more information about Medicare Supplement Insurance, reach out to an agency such as Ulrichs-Cole Insurance in your local area.
