Why Medicare Supplement Plans Help You
Medicare supplement plans, also known as Medigap
, are private health insurance plans for those that already have a Medicare policy. The Medicare supplement plans provide Medicare beneficiaries coverage for medical needs that are not covered by the original Medicare plan.
The plan was named "Medigap" because the plan bridges the "gap" between Medicare coverage and the rest of the medical expenses that are not covered by Medicare. Recent statistics have shown that about 18% of the U.S. population, who have the original Medicare plan, also opt for the Medicare supplement plan.
Medicare supplement plans serve to pay off any excess medical costs of your medical bills that traditional Medicare will not cover. As the plan's name suggests, it is a supplement plan that is purchased in addition to the original Medicare plan. Traditional Medicare has many gaps in costs that it does not cover. As a result, Medicare recipients are left with medical charges that they cannot pay for on their own. When you purchase a supplement plan, you are able to have more of your medical charges covered without out-of-pocket expenses.
One characteristic of Medicare supplement plans is that they are sold and administered by private insurance companies throughout the United States. However, the government sets rules and strict regulations for these companies to follow. For instance, the insurance companies can only offer 12 standardized Medigap plans, named A through L. Also, the plan under a certain letter is always the same, no matter which company the recipient chooses to receive benefits from. The only difference between plans across insurance company lines would be the price.
Let's discuss some of the benefits of each lettered Medicare supplement plan. Part A includes your hospital insurance, and Part B covers doctor's services and is optional. To receive a Medicare supplement plan, it is necessary to be enrolled in Part A and Part B of the original Medicare plan before one can apply for a Medigap policy. One may apply for a Medigap plan during his or her "open enrollment" period. This is a window to apply for Medicare benefits and it begins when one turns age 65, and it is available for 6 months. It is also available upon enrollment in Medicare Part B at 65 years of age or older.
Part C is the health insurance plan that combines the benefits of both Part A and Part B. It also covers many other costs that are not covered by Part A and Part B. The Part C Medicare supplement plan is only available through Medicare-approved private insurance companies. Part D Medicare supplement plan was created to cover prescription drug expenses. When you are prescribed medications by a doctor, it aids in the costs associated with those prescriptions. Keep in mind that that the policyholders who enroll themselves for the individual Medicare Part D plan may not retain the drug coverage from their Medigap policy. The beneficiary may decide to remove drug coverage from their current Medigap policy while retaining all other benefits.
by: Tom Carolan
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