Medicare supplement health insurance plans are very important for anyone on a Medicare policy, although many people don’t really understand what these plans entail! Below is just a quick overview of what to expect from a Medicare supplement policy:
- Medicare supplemental health insurance plans are important because Medicare policies don’t provide complete coverage for medical needs. This is often called the “gap” in Medicare, leading to the catchy name of “Medigap” policies for supplemental health insurance plans. In order to qualify for a Medicare supplement insurance plan, individuals must already have Medicare Part A and Part B.
- Medigap policies don’t cover everything in that “gap,” and the amount of coverage you receive depends on the plan you choose. There are 10 different Medigap policies available and policyholders are able to choose one of these 10 if they qualify; there are no additional qualifications to receive certain plans. These plans vary quite a bit in the amount of additional coverage they provide, and this allows policyholders to choose a plan that fits their financial needs and their medical needs.
- Supplemental insurance policies are beneficial for those who wish to avoid paying the premiums of typical Medicare policies. These plans are also beneficial for individuals who do a lot of traveling outside of the U.S., since Medicare doesn’t provide medical coverage outside of the U.S. Certain plans will also provide additional coverage for care in a nursing home or in a hospital.
- Supplemental plans generally don’t cover long-term care, vision care, dental care, hearing aids, and private nursing home care. Newer supplemental plans also cannot provide coverage for prescription drugs, although older supplemental insurance plans for Medicare used to provide this coverage. Policyholders with one of these older plans are allowed to still receive prescription drug coverage, as these plans are “grandfathered” in, but newer plans cannot be purchased with this benefit.
If you happen to be a Medicare policyholder, it’s very likely that you’ll find a supplemental insurance plan to be very helpful.