Private health insurance is designed to offer more benefits and customizations for individuals. Medicare Supplement is one of the health insurance policies that is designed to supplement the Original Medicare Plan. This plan is also known as Medicare Part A and Part B. With a Medicare Supplement, enrollees have more services than what traditional Medicare offers.
In most states, there are standardized plans that are labeled A through N. Medicare Supplement pays for some of the healthcare costs that Medicare Part A and Part B do not cover. This can be coinsurance and even deductibles. With a supplement policy, you can expect Original Medicare Plan to cover a share of the approved amount and the supplement policy to cover the difference. Medicare Advantage is not a supplement policy although it does have some of the same benefits. Medicare policies are regulated by Federal and State Law. One of the most common Medicare Supplement policies is called MediGap.
Medicare Supplement policies do not cover everything, just like some Medicare Parts. These supplement policies do not cover:
- Vision including eyewear
- Dental Care
- Hearing Aids
- prescription drugs
In the event, that you would require prescription drug coverage, you will have to enroll in Medicare Part D. You can enroll in Part D and participate in the subsidized drug program. There are benefits of adding Part D including, smaller deductibles and more affordable brand name medication. Each plan has different drugs listed that are covered. You can contact your healthcare provider for a list of prescription drugs that are covered and the co-pay amount.
As with most Medicare plans, there are requirements for eligibility. You can apply for a Medicare Supplement plan if you are:
- a resident of the state the policy will be issued
- enrolled in Original Medicare
- Age 65 years or over or, in some states, under age 65 with a disability
A Medicare Supplement plan will not restrict you to a specific network of doctors. Depending on the plan, you can chose your doctor or facility as long as they accept Medicare. In some cases, you may be required to pay your Part B deductible. Talk to your healthcare provider as some supplement plans will pay both Part A and Part B deductibles.
Medicare Supplement policies can be added during open enrollment. Before you enroll, here are some helpful facts:
- In order to enroll into a Medicare Supplement policy, you must already have Medicare Part A and Part B.
- You will pay a monthly premium for both the medigap policy and your Part B premium.
If you have questions regarding individual health insurance, let Blue Sky Coverage get you the coverage you need. Call us today to get personal health insurance coverage.