While Medicare pays for many healthcare services, there are still many that are not covered. Traditional, or Original Medicare, does not provide full coverage for medical expenses. Some expenses such as deductibles, copayments, and co-insurance amounts are not covered under Original Medicare, Medicare Part A and Part B. In order to offset these expenses Medicare Supplemental Insurance Plans were designed.
What is Medicare Supplemental Insurance and How Does It Work?
Supplemental Insurance is an additional health care plan that is provided by private insurance companies to cover the gaps left in Medicare Part A and Part B. Federal and State laws regulate Medicare Supplemental Plans to protect you as the beneficiary. Plans are clearly labeled as Medicare Supplemental Insurance and the policies are standardized. Supplemental Insurance Plans are all the same and do not vary from state to state. The only aspect that that changes is the cost and where it is purchased.
Medicare Supplemental Insurance Eligibility Requirements
Supplemental coverage works only in conjunction with Medicare Part A and Part B. The acceptance of your application is guaranteed if you are 65 or older and apply within six months of the initial enrollment in Medicare Part B. Under certain circumstances, pre-existing conditions are waived; specific details can be found by working with a Medicare Supplemental Insurance Broker. A Medicare policy covers only one person. Your spouse must have a policy of their own.
Medicare Supplemental Insurance Plans
Participants may select from up to ten standardized policies, Medicare Supplemental Insurance Plans A through Plan N. Each plan offers a different set of primary benefits with a unique set of benefits. These policies are the same no matter what private insurance company you choose to purchase the insurance from. Each insurance company can decide which policies they want to sell and set their own prices so research carefully to avoid overpaying.
Medicare Supplemental Plans A through J
Plans A through J have more benefits, higher premiums, and lower out of pocket expenses. Basic benefits include coverage of Medicare Part A and Part B copayments, co-insurance, and three pints of blood. Extra benefits may include Skilled Nursing Facility co-insurance, foreign travel emergency services, at-home recovery and preventative care.
Medicare Supplemental Plans K through M
Plans K through M have lower premiums and higher out of pocket expenses. Basic benefits include Medicare Part A hospital benefits, Medicare Part A and B coinsurance or co-pay, three pints of blood and hospice care. Extra benefits include skilled nursing facilities coinsurance and Medicare Part A deductibles.
Medicare Supplemental Plan N provides co-insurance payments on hospital expenses for Medicare Part A, as well as a full year of payments once your Medicare benefits have been depleted. Supplemental Plan N policies pay 100% of Medicare Part B co-insurance. Doctor visits cost up to twenty dollars and emergency room visits up to fifty dollars.
When selecting a Medicare Supplemental Insurance Plan, carefully compare each plan and compare quotes from insurers. Make sure you choose the coverage that best meets your needs and be sure not to pay more for the benefits than you need to.
Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com. Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans. To talk to an expert in Medicare coverage toll free 888.404.5049 today!