What is Medicare Supplements Insurance?
A Medicare Supplement Insurance or Medigap Policies are the plans that the private organizations sell to bridge the gap between the extra health costs that incur and offered by the ‘Original Medicare’ coinsurance, copayments, premiums, and deductibles. Some Medicare Supplement Plans extend their coverage to the services that are not part of the Original Medicare; for instance, the medical care when traveling across borders. In simpler terms, when an individual has ‘Original Medicare’ and a Medigap Policy, then in times of need Original Medicare pays the approved amount and Medigap Policy pays its amount.
Although, the companies offer these plans at different costs, which require a thorough research before choosing one, by the consumer because in some cases the plan benefits are same despite varying costs. All Medicare Supplement Plans or Medigap plans in 2019 offer varying amounts coverage depending on how much one can afford. All of these plans are the same across the board, no matter which insurance company one uses; the only difference is the cost that varies from company to company. However, there are similar benefit plans with a lower premium, but it limits one to a certain network of providers. It all depends on how much one can afford & how much coverage one wants.
How are Medicare Supplement Plans categorized?
The plans are classified by alphabets (A, B, C, D, F, G, K, L, M and, N) and each letter defines the same benefits associated with it. Prescription drug coverage is not part of these; hence, one has to take Medicare Prescription Drug Plan for medication coverage.
What aspects do these plans cover?
All Medicare Supplement Plans cover, the below-mentioned four benefits. It is pertinent to mention that different plans cover different sum. However, all the plans cover minimum 50% and some up to 100%.
- Medicare Part A Coinsurance
- Medicare Part A coinsurance or copayments
- Medicare Part B coinsurance or copayments
- Blood (first 3 pints used in a medical procedure)
While some other plans, cover at least 50% of the following five benefits;
- Medicare Part A deductible
- Medicare Part B Deductible
- Medicare Part B excess charges
- Skilled nursing facility care coinsurance
- Foreign travel emergency medical care coverage (80%, up to limits of plan)
What aspects do these plans not cover?
They do not cover routine check-ups and services of eyes, dental, hearing aids, spectacles, long-term care, or private-duty nursing. Services of any additional health insurance policy can be availed in case of need.