Get to know the basics of Medicare Supplement Insurance

What is the purpose of Medicare Supplement, or Medigap?

Medicare Supplement Insurance, also known as Medigap, is an alternative or adds on to Original Medicare (Part A and B) private health insurance. It helps pay for 20 percent of the costs of Medicare not covered by Original Medicare.

What is not covered by Medicare Supplement Insurance?

Medicare Supplement plans do not provide prescription drug coverage or dental coverage. But, you can separately purchase those plans.

Who is eligible for Insurance for Medicare Supplements?

You may be required to sign up for Medicare Supplement Benefits if you are 65 years of age or older and are participating in Original Medicare Part B. You can apply for a Medicare Supplement plan during the calendar year at any time, but you can purchase any program available in your state during the six-month open enrollment period, and you are assured coverage even though you have pre-existing health conditions.

• If you retire at 65 and apply for Part B of Medicare, the open enrollment period lasts for 6 months from the first day on which the Part B coverage starts.
• If you do not retire until later and then obtain medical benefits under the policy of your employer, then when you retire and sign up for Part B benefits, the open enrollment begins.

If you are younger than 65 years and eligible for Medicare due to disabilities, Medicare Supplements Plans are also open to you.

Also Read : Easiest Way to Apply For Medicare

What is covered by Medicare Supplement Insurance?

Medicare Supplement Insurance helps cover those expenses not covered by Part A and B of Original Medicare. These programs help pay for Part A (hospital care) and Part B (medical care) copays, coinsurance, and deductibles, as well as extra out-of-pocket expenses for items such as hospitalization, medical facilities, home health care, testing expenses, durable medical equipment, and more.

For the covered health expenses, Medicare will pay its share of the Medicare-approved amount. Your Medicare Supplement Health plan will then pay its share of the expenses covered by it.

There is a wide variety of Medicare Supplement plans from basic to comprehensive, vary in coverage and costs.

What are the forms of Medicare Supplement Plans?

A broad variety of Medicare Supplement programs exist. The various types of plans, Plan A through Plan N, are named alphabetically.  

The policies for the Medicare Supplement vary from those providing basic coverage to those providing a much greater degree of coverage. When choosing a Medicare Supplement package, knowing your health care needs, as well as your financial condition, will help.

How does Medicare Supplement Insurance work with Medicare?

Medicare Supplement Insurance operates with Parts A and B of Original Medicare. Medicare Supplement also deals with that, if you want to purchase a standalone Part D Prescription Drug package.

Insurance for Medicare Supplements varies from Medicare Advantage. You may have, but not both at the same time, either a Medicare Advantage Plan or a Medicare Supplement Plan.

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