WHY MEDICARE SUPPLEMENT?
This is a question that is on the minds of many people. If they have Medicare why should they go for a Medicare supplement plan? Why pay that extra money for another policy for health care? We will try and answer these questions in this article
The main explanation lies in the name itself. It is a supplement policy. It doesn’t replace the original Medicare policy. Medicare supplement plans are taken to cover those expenses that Medicare doesn’t cover. Original Medicare doesn’t pay for deductibles, copayments, and coinsurance. These will be covered by Medicare Supplement Policy or Medigap.
In the same manner, your health costs when you travel outside the US is not taken care of by the original Medicare. You could get that amount from the Medigap policy.
You should anyway have the original Medicare policy. You could additionally buy a Medigap policy. In such a case the original Medicare will pay for what is allowed under that policy. Your Medicare Supplement Plans will cover what is left unpaid.
THINGS TO KNOW
If you want to use a Medigap policy, you should be having a Medicare Part A and Part B.
If you hold a Medicare Advantage Plan you need to exit that plan before you can buy a Medicare Supplement policy.
The medical insurance company will charge a premium for your Medigap policy. This is apart from what is being charged for your Medicare Part B policy.
Both husband and wife will have to take separate Medigap policy. It will only cover one person.
Medicare Supplement Plans can be purchased from any insurance company that is licensed to sell insurance in your state.
There is one big advantage with a Medigap policy. Once you have purchased one and continue to pay the premium regularly, the insurance company cannot discontinue the policy. This is applicable even if you are suffering from any health issues.
Prescription drugs don’t come under the purview of Medicare Supplement Plans for policies purchased after January 1, 2006. To cover your prescription drugs, you need to purchase a Part D Medicare plan or the Medicare Prescription Drug Plan.
No insurance company can sell you a Medigap policy if you have a Medicare Medical Savings Account Plan. It is illegal.
We have seen the important points that we should note while comparing Medicare Supplement Plans in 2019. We can see that it is advantageous to purchase one.