The Medicare supplement plans are an insurance that helps to pay off some of the costs that are related to health care that your original medical insurance plan does not cover. This includes copayments, coinsurance and deductibles.
The Medicare supplement plans are sold by https://www.bestmedicaresupplementplans2019.com/medicare-supplement-plans-2019-tips-compare-options/
These are known as Medigap policies and they may offer coverage over what the original Medicare offers to you. Like, this could offer you coverage when you are travelling outside of the United States.
What if you have an original Medicare and you buy the Medicare supplement plans policy?
If you already have a Medicare and you buy a Medigap policy over that then the Medicare will pay the share of the amount that is approved by the Medicare to cover the health costs. The remaining share is then paid by the Medigap policy.
It is important to understand that the Medigap policy only supplements the benefits that are offered by the original Medicare plan.
What should you know about the Medicare supplement policies?
- You should ensure that you have Medicare Part A and Medicare Part B
- You can apply for a Medigap policy even if you gave a Medicare advantage plan. But make sure to surrender the Medicare advantage plan before you start the Medicare Supplement Plans.
- You will have to pay a monthly premium amount to the insurance company that offers to the Medigap policy. This premium amount is over and above the part B premium that you will be paying towards Medicare
- The Medigap policy is designed such that it offers coverage to just one person. So if suppose you and your spouse want the Medigap facilities then you both will have to buy different policies
- The Medigap policy can be purchased from any licensed private insurance company
- If you suffer from health issues then the standard Medigap policies can be renewed. Thus till you keep paying the premium amount the Medigap policy cannot be cancelled.
- The Medigap policy is used to cover the prescription drugs.
Understand the policy
The Medigap policy does not cover everything. So you need to make sure that you understand what the policy covers and what it does not cover. It will mostly not include any long term care, hearing issues, private nursing or eyeglasses etc. You need to know these beforehand to take an informed decision.