Medicare is a federal health insurance program that helps pay for doctor visits, hospital stays, and prescription drugs. However, Medicare doesn’t cover all your medical expenses. That’s where Medicare Supplement Plans can come in handy.
If you have one of these plans, it will help to fill in the gaps in your coverage so you’re not paying more than you need to be. Here are some reasons why getting this type of supplemental coverage is important.
Who needs a Medicare supplement plan?
If you’re on Medicare, it’s important to understand what you’re covered for and what is not. A Medicare supplement plan will help pay for any gaps in your coverage that Medicare doesn’t cover.
For example, a Medicare supplement plan may be a good idea if you live a healthy lifestyle and want your prescription drug expenses to be more affordable. Or maybe you have an expensive medical condition and want peace of mind knowing that you can still get the care you need, even if it means going to the hospital or visiting the doctor more often than others.
What if I’m on Medicare and I don’t think I need a supplemental plan?
Still, just because you’re on Medicare doesn’t mean that you need a supplemental plan. You should look into it only if:
- You’re on Medigap and paying out of pocket each time you go to the doctor or hospital
- Your health care costs exceed your monthly premiums
- You exceed your yearly deductible
- You exceed your lifetime cap
- You exceed your out-of-pocket limit
- Your income is too high for Medicaid but too low for private insurance (in some cases).
What does a Medicare supplement plan cover?
A Medicare supplement plan can help cover your medical expenses that are not covered by your current insurance.
The Affordable Care Act (ACA) is designed to make it easier for people to get affordable health insurance coverage. Unfortunately, they don’t offer coverage for many forms of Medicare coverage. For example, the ACA doesn’t offer prescription drug coverage and they don’t offer any other types of medical coverage for things like durable medical equipment, vision care, dental care, and hearing aids.
That’s where a Medicare supplement plan can come in handy. A supplemental plan will cover those gaps so you’re not paying more than you need to be.
How do Medicare supplement plans work?
A Medicare supplement plan, also called a Medigap Plan, will cover your out-of-pocket costs for things like copayments, coinsurance, and deductibles. These plans typically come as a private insurance policy that you buy to fill in the gaps in coverage.
These plans can be confusing and if you make the wrong choice, you could end up with a plan that doesn’t cover all your medical costs, Medicare Supplement Plans can be great if you make the right choice for your needs. With a Medicare supplement plan, you’re guaranteed to have help paying for your medical costs and you’ll know that your plan will cover your medical expenses, no matter what they are.