Medicare Supplement Plans are for people who have Medicare and need more coverage. If you have a Medicare plan and want to know if you should consider a Medicare supplement, here are the basics of Medicare supplement plans, including their benefits and limitations.
What Medicare Supplement Plans Cover?
One of the most important things to know about Medicare supplement plans is that they don’t cover all Medicare costs. This is one of the main differences between a Medicare supplement and a Medicare plan. A Medicare supplement provides additional coverage for some types of cost.
For example, if you have a basic Medicare plan and want more coverage in the event of an illness or accident, then a supplement plan may be for you.Medicare Supplement Plans can help pay your hospital bills if you need surgery or treatment at home, but they won’t always pay 100% of your expenses.
The Benefits Of Medicare Supplements
A Medicare supplement plan provides all of the benefits that Original Medicare does not. Original Medicare, also known as Part A and Part B, only covers a percentage of your hospital and doctor bills. Medicare supplements will cover some of your costs that are not covered by original Medicare.
If you were to get into an accident and need to go to the hospital, a Medicare supplement plans would cover any deductibles or co-pays for the doctor visits or medical procedures done in the hospital.
The Limitations Of Medicare Supplements
Medicare supplements are not the same as Medicare. Medicare supplements help fill in some of the gaps that original Medicare doesn’t cover, but they are not a full replacement for original Medicare. For example, if you have Original Medicare and enroll in a Medicare Supplement Plan, your out-of-pocket costs could still be quite high.
Medicare Supplements will not replace any of your Original Medicare coverage or benefits. For instance, it doesn’t pay your Part B deductible or 20% coinsurance on hospitalization or Part A coinsurance (but does pay 100% of the Part A deductible). They also don’t cover any services that are excluded from Original Medicare such as long-term care, hospice care, and most dental and vision expenses.
When Should You Consider A Medicare Supplement?
Medicare Supplement Plans are for people who have Medicare and need more coverage. Medicare is a federal health insurance program run by the Centers for Medicare and Medicaid Services (CMS). It provides healthcare coverage to nearly 50 million people in the United States. The majority of those covered are seniors age 65 or older, although some younger Americans may also qualify.
At first glance, Medicare Supplement Plans seem like one size fits all, but that’s not always the case. When considering whether you should consider a Medicare supplement plan, you should consider how much your plan covers. Your supplemental plan will cover things that your original Medicare plan doesn’t cover such as prescription drug costs, medical equipment, and nursing home care.
A Medicare supplement will also help cover any gaps in your primary coverage. For example, if you have employer-based insurance but it doesn’t cover prescription drugs and your prescriptions cost $600 per month with no copayment, then a Medicare supplement would take over where your employer-based insurance left off.
If you’re on Social Security Disability Income (SSDI) or SSI and want to work again without jeopardizing your coverage, then a supplemental plan would allow you to do so because it offers guaranteed issues regardless of health status or pre-existing conditions.