Medicare Supplement Plans: Extra Protection for your Healthcare Needs Medicare supplement plans offer extra coverage above and beyond regular Medicare. They will pay for procedures basic Medicare doesn’t cover. Sometimes referred to as Medigap policies, they’re an alternative to Medicare Advantage for some people. Medicare Supplement Plans: What to Look For Determine what medical treatment you’re likely to need in the near future, and compare Medigap options and Medicare Advantage. You may be better served through Medicare Advantage, but if you decide on a Medicare supplement plan, you’ll need to find insurance companies that offer this option. Contact the Health Assurance Assistance Program in your state for a comparison shopping guide …show more content…
A Medigap policy must be clearly presented as Medicare supplement insurance by the insurance company. Usually, the only difference between Medigap polices sold by different companies is the price. Medigap policies cover between 50% and 100% of hospital costs, deductibles, nursing facility care coinsurance, excess charges and hospice care coinsurance, among other payments. They don’t cover long-term nursing home care, vision, dental care or private nurse services. Medicare Supplement Plans: A Brief Buyer’s Guide In order to buy a Medicare supplement plan, you’ll need to be covered by Medicare Part A and Part B. You’ll pay your insurance company a monthly premium and your Medicare Part B premium each month. You can enroll in the Medigap plan of your choosing during the open enrollment period. This period begins when the person turns 65 and has Medicare Part B. You won’t be denied coverage due to a preexisting condition. Some states have other Open Enrollment rights. An insurance company offering Medigap can’t drop you unless you stop paying premiums or lied on the application. When contacting a Medigap insurance company, consider the following questions – • Is there a waiting period for pre-existing conditions? • Is the insurance company licensed in your