Medicare Supplement Insurance

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Know More about Medicare Supplement Insurance (Medigap)

Original Medicare, and policies sold by private companies, covers multiple health care costs and supplies. However, it is not comprehensive and may not cover costs like coinsurance, co-payments, and deductibles. Medigap is a Medicare Supplement Insurance that helps the consumers to pay for the remaining health care costs. Moreover, some Medigap policies offer a few services that are not covered by the Original Medicare policy. For instance, it may cover overseas health care costs. When combined, supplement Medicare insurance and Original Medicare can protect the consumer’s interests in times of need.

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How to Choose the Best Supplemental Insurance for Medicare?

As you shop around for the best Medicare supplemental insurance plans, you will realize that private companies charge premiums differently. Broadly, there are three ways in which they price these policies –

Community no-age-rated

In these policies, the prices remain the same for everyone. It is irrespective of the age and the medical condition.

Issue-age-rated

These are the Medigap policies in which the premiums depend on your age. The premiums remain the same during the lifetime. The earlier you enroll, the lower the premiums.

Attained-age-rated

Like the previous plan, the premiums depend on the age of the consumer. However, they increase with time.

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Here Are the Main Features of Medicare Supplement Plans

An Original Medicare plan does not cover your medical bills completely. There will still be some components that you will have to pay from your pocket. 

Medicare Supplement Plans cover these costs and protect you from paying anything from your savings.

You can consult any doctor as long as they accept Medicare patients
There is no referral needed for consulting a specialist
Covers you when you travel overseas
Ensures a lifetime of coverage as long as you pay the premiums of your Medicare Medigap Supplemental Insurance
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How Can You Compare Medicare Supplement Plans?

Original Medicare normally consists of two parts – Part A (hospital insurance) and Part B (medical insurance). Normally consumers have both the plans, but if you don’t, make sure you do before you buy Medicare Medigap supplemental insurance.

ConsumerCoverage offers multiple Medicare Supplement insurance plans. It gives the flexibility to choose the best Medicare Supplemental insurance coverage for your needs.

These plans vary by the state and company. Get your Medicare Supplement insurance quotes today. 

FREQUENTLY ASKED QUESTION - FAQs

Medigap insurance supports Original Medicare insurance. It is private health insurance that is designed to lower out-of-pocket costs.
It is available for people who are at least 65 years of age. For ones below 65 years, consumers who have disabilities or are suffering from end-stage renal disease can apply for it.
Due to its advantages, consumers should apply at the first opportunity when they are eligible to buy a Medigap Supplement Insurance policy. Also known as open enrollment, it begins on the first day of the month when you are at least 65 years. However, you should also possess part B to be eligible for the Medigap policy. This period lasts for six months, and your chances to invest in it start diminishing after it lapses. It is advisable to buy it during this period.
You get six months to make your decision and enroll for the supplemental insurance coverage for Medicare. Also known as the open enrollment period, it begins in the month when you are 65 years or older. The only other condition is to have Medicare Part B.
During the six-month-long open enrollment period, you can choose to buy a Medicare supplement plan. You can also change your decision and invest in another plan. However, if you suddenly stop paying your premiums, you not only lose the benefits of a Medigap policy, but you also lose the opportunity to shop for a new plan.
A Medicare Plan, in itself, is not comprehensive. There are gaps, and your out-of-pocket costs can be as high as 20 % of your medical costs. In the absence of a steady income, it can pinch you. The combination of Original Medicare and Medigap plans will protect your interests.
Plans

How do Medicare Supplement Plans Work with Other Insurance Plans?

With Medicare Supplement Plans, your medical expenses are mostly taken care of. However, it does not cover hearing aids and eyeglasses. Moreover, it also does not cover private-duty nursing or long-term nursing home care. You may want to consider other private company insurance plans to cover these.

However, a Medicare Supplement Plan should definitely be a feature of your financial planning because – 

You can choose any doctor. The only criterion is they should accept Medicare
It is valid for a lifetime. You can rest assured that it won't get cancelled as long as you pay your premiums and renew it on time
It allows coverage across the US and also when you travel abroad