For anyone who is more than 65 years of age gets Original Medicare that will take care of their hospital visits and other medical expenses. However, Part A and Part B of Medicare is not enough to meet the different expenses that someone has to bear when they are ill. There are expenses like copayment, deductibles and coinsurance, and sometimes this amount accumulates into huge amount. What will help someone to bear these expenses?
Best Medicare Supplement Plan is the right solution to such problems. These plans are sold by private companies and covers many of the medical costs that are not covered by Part A and Part B of Medicare. In case someone has both Original Medicare and Medicare supplement Plan then while getting the claim first they will receive claims from Original Medicare and then the rest from the supplement plans. As the name suggest these plans are there to supplement the original medical expenses and not the medical expenses itself!
Important facts about Medicare Supplement plans
Mentioned below are certain facts related to the Medicare Supplement plans
- One should have Medicare Part A and Part B to avail the supplement plans.
- Those who have a Medicare Advantage plan can apply for Medicare Supplement plans but they should be able to leave the former before the later policy starts.
- In order to continue the Medigap policy one have to bear the monthly premium along with the premium they pay for Medicare Part B.
- Coverage under each Medigap Policy is valid only for one person. That means if someone wants coverage for both themselves and their spouse they will have to get two Medigap policies.
- These policies can be purchased from any insurance company of any particular state, provide they are licensed to sell the policy in that state.
- Any Medigap policy will continue till one keeps on paying the insurance premium. Even if they have any health problem there will be no issues related to renew of the policy as any standardized policy has guaranteed renewable.
- Those policies that are sold after January 1 2006 will not cover any expenses related the prescription drugs. A Medigap policy does not includes payment for any prescription drugs expenses. It is covered under the Part D of Medicare that is Medicare Prescription Drug Plan.
- A Medigap policy does not cover medical expenses related to vision, dental, long term care, hearing aids, private duty nursing and eye glasses.