Medicare supplement plans are insurance policies that help pay your share of the out-of-pocket costs that Original Medicare (Parts A and B) doesn’t cover. These costs include copays, deductibles, and coinsurance. They can be a valuable addition to Original Medicare.
The right plan for you depends on your needs and budget. It’s important to shop around and compare rates from several companies before making a decision. You may be able to save money if you enroll in multiple Medicare Supplement plans from the same company.
There’s a lot of information about Medicare available online, so make sure to read it carefully and verify it with your state health department. It’s also a good idea to get advice from your doctor or a trusted insurance agent.
Enrolling in a Medicare Supplement policy requires an application Read My Article and medical underwriting. You can’t be denied a policy based on your current or previous health problems during your one-time Medicare Supplement open enrollment period, which lasts for six months starting when you turn 65.
Your coverage will be automatically renewed each year to ensure you have continuous Medicare Supplement insurance. It’s best to avoid dropping your policy as you get older, because this could lead to a coverage gap that may cost you more than you need to pay out-of-pocket.
Medigap benefits can vary from state to state, so check with your local health department or the Centers for Disease Control and Prevention for details on what’s covered in your area. Your state’s health department can also provide you with free counseling and help you find a Medicare supplement plan.
Most Medicare Supplement plans have a fixed copay and deductible, and most don’t include prescription drug coverage. However, you can choose a plan that offers extra coverage for drugs and preventive services at $0 copay and $0 deductible. These benefits include welcome to Medicare physical exam, breast and prostate cancer screenings, glaucoma testing, HIV screening, smoking cessation counseling, and Medicare nutrition therapy.
Some Medigap plans offer extra benefits that aren’t covered by Original Medicare, such as hospice care, dental, hearing, and vision. Often these extras are paid for through your monthly premium.
These benefits can be very useful, especially for people who want to protect themselves against the high costs of healthcare. They can also be useful for those who have certain illnesses or disabilities that might require expensive treatments.
The best way to find the Medicare Supplement plan that’s right for you is to shop around and consider your situation and budget. You can search for a Medicare Supplement plan using the Medigap plan search tool from Medicare, which gives you a list of policies and the companies that sell them in your area.
You can also check with your employer or other group insurance policies to see if they have Medicare Supplement plans. If they do, check to see if they’re in your state or if they have a discount program for group members.