Medicare supplement plans, or Medigap, are private insurance policies that can help cover the gaps left by Original Medicare. They can also help cover copays, deductibles, and other costs associated with receiving healthcare services. They are offered by private insurance companies and can be purchased during a special one-time enrollment period, which starts when you become eligible for Medicare Part B.
The Medicare supplement plan you choose should be based on what your current Read This Article and future healthcare needs are. You should also review your budget to determine what type of coverage will best fit your needs and finances.
Choosing the right Medicare Supplement plan is an important decision and can be made easier if you understand the benefits available through these policies. Taking the time to carefully research the different options will help you make an informed choice and save money in the long run.
Most standard Medicare Supplement plans offer the same benefits, regardless of which insurance company sells them. However, there are some differences in the premiums that you will pay for each plan. You may need to consider the company’s financial strength and history of rate increases before you purchase a policy.
Some of the most popular Medicare Supplement plans include the AARP-affiliated plan and Cigna’s household premium discount. Both are available in many states, so you can choose one that is right for your situation.
If you aren’t sure which plan is right for you, talk with friends, family members, and a trusted financial adviser to get advice on what would be best for you. The insurance company’s website is another good resource to find a plan that suits your budget and health care needs.
You should buy a Medicare supplement policy during the one-time Open Enrollment Period, which begins when you first enroll in Part B at age 65 or when you become eligible for disability benefits. This is a great time to shop for coverage because you are guaranteed to be able to buy any Medicare supplement policy from any insurance company.
Before purchasing a policy, check with the insurance agent or company to make sure that you will receive back any unearned premiums that you paid up front but didn’t go toward your coverage. This will be an important issue to consider if you decide to cancel your policy, especially during the open enrollment period when you have the right to change companies.
The Medigap plan you buy should be a comprehensive package that will cover all of your health care needs. It should also include things like dental and vision. It should be affordable and provide the lowest out-of-pocket costs possible.
In addition to covering medically necessary costs, most Medicare supplement policies also cover some preventive services at no cost. These services include annual wellness exams, bone mass measurement, cardiovascular disease screening, colon cancer screening, flu vaccines, and glaucoma tests.
If you are enrolled in Medicare Part A and Part B, you’ll need to be sure that your medical providers accept the Medicare-approved amount of payment for all covered services. If your doctor or hospital doesn’t accept that amount, you could be responsible for additional fees. The excess charge benefit in most plans will cover 80% or 100% of the difference between Medicare’s approved amount and the limiting charge (not more than 15% above that approved amount).