Medicare Supplemental Insurance
Medicare Supplemental Insurance more commonly known as “Medigap” is supplemental health insurance that is normally paired up with your Medicare Part A or Part B insurance. If you currently only have Part A then you know about the deductible and the cost of medications that it does not cover. Medicare supplemental insurance can cover these costs for you. Currently there are limits to how long you can remain in the hospital and have the costs covered by Medicare, this insurance can pay for extended time needed in the hospital or for experienced nursing care after you are released from the hospital.
Medicare does not pay for prescriptions, long hospital stays, or in-home care. A Medicare supplemental insurance policy can pay for these services if they are needed.
Click on your state for a complete listing of agent websites providing medicare supplemental health insurance plans in your area. →
Medigap Supplemental Insurance Overview
A Medigap policy is health insurance sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage.
Private companies offer Medicare supplemental insurance as further assurance that those who qualify for Medicare can get the medical treatment necessary and that the costs can be covered. There is no worse feeling than knowing you need to see a doctor but cannot afford the bill. Medicare supplemental insurance can help. There is financial assistance to pay premiums offered to individuals that meet the income qualifications. Although the government has designed the Medicare system to care for the elderly the financial obligation has become enormous and therefore the limits of care are minimal.
To determine whether you need to purchase a Medicare supplemental insurance policy make sure you are aware of what medical costs Medicare covers and the regulations for joining or switching policies. If you are still employed or are retired and your former employer offers group health insurance assess your needs and the other options before deciding to purchase supplemental coverage.
All states except Massachusetts, Minnesota, and Wisconsin offer the 12 customary plans which are plans A through L. Research the plans and the benefits offered in order to maximize the benefits for your particular needs. In some cases choosing plans K or L will limit out-of-pocket costs and may have a lower premium but the deductible will be higher. This could result in more risk of out-of-pocket expenses for the security of broader coverage than Medicare provides. SELECT policies such as Plan F or Plan J cost less but there is a limit to the doctors and hospitals you can use in order to receive the full benefit of the Medicare insurance. Outside of these previously mentioned plans (F and J) you will have full choice of the doctors and hospitals you receive care in. With Plans A, B, C, D, E, G, H, I, K, and L you will choose the doctor or hospital and Medicare will pay a portion of the bill, then Medigap will pay a portion of the bill. Choosing the right plan for yourself will determine the maximum benefits you receive. These insurances are billed separately. One does not replace the other; it simply increases the covered services.
It’s important to compare Medigap policies because costs can vary. The benefits in any Medigap Plan A through L are the same for any insurance company. Each insurance company decides which Medigap policies it wants to sell.
Generally, when you buy a Medigap policy you must have Medicare Part A and Part B. You will have to pay the monthly Medicare Part B premium. In addition, you will have to pay a premium to the Medigap insurance company.
You and your spouse must each buy separate Medigap policies. Your Medigap policy won’t cover any health care costs for your spouse.
Medicare Advantage Plans
Medicare Advantage Plans are health plan options that are part of the Medicare program. If you join one of these plans, you generally get all your Medicare-covered health care through that plan. This coverage can include prescription drug coverage. Medicare Advantage Plans include:
* Medicare Health Maintenance Organization (HMOs)
* Preferred Provider Organizations (PPO)
* Private Fee-for-Service Plans
* Medicare Special Needs Plans
When you join a Medicare Advantage Plan, you use the health insurance card that you get from the plan for your health care. In most of these plans, generally there are extra benefits and lower copayments than in the Original Medicare Plan. However, you may have to see doctors that belong to the plan or go to certain hospitals to get services.
To join a Medicare Advantage Plan, you must have Medicare Part A and Part B. You will have to pay your monthly Medicare Part B premium to Medicare. In addition, you might have to pay a monthly premium to your Medicare Advantage Plan for the extra benefits that they offer.
If you join a Medicare Advantage Plan, your Medigap policy won’t work. This means it won’t pay any deductibles, copayments, or other cost-sharing under your Medicare Health Plan. Therefore, you may want to drop your Medigap policy if you join a Medicare Advantage Plan. However, you have a legal right to keep the Medigap policy.
Original source:medicare.gov
Each year, one in four workers over 30 will become disabled for more than 30 days. Some disabilities may be work-related, others just happen.
Most employees are covered by workers compensation insurance for work-related illness and injury. In contrast, many self employed people do not carry workers’ compensation insurance. A supplemental health insurance policy will cover expenses related to lost wages and other medical expenses normally covered by workers’ compensation for on-the-job injuries.
Supplemental health insurance also will help cover the costs associated with off-the-job illness or injury. Some forms of supplemental health insurance offer a cash benefit to help pay bills while you are unable to work. Others will help pay for medical treatments not covered under a regular health insurance policy.
When you carry private insurance, you might consider letting it be your primary insurance paying its portion of your medical bills first then use Medicare as a secondary insurance to cover costs more effectively. Most doctors and hospitals will bill your insurance the most efficient way as long as you provide them with the information. As of January 1, 2006, all Medicare recipients became eligible for Prescription Drug Plans. Associated with these plans are co-payments and deductibles for prescription drugs. Using a pharmacy that is approved to administer prescriptions under the Medicare Prescription Drug Plan will be necessary and some prescriptions may not be covered at all.
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A Medicare Supplement Can Protect Your SavingsIn 1965, Medicare became a part of the Social Security program. When President Johnson initiated former president Harry S. Truman as the first receiver, he could not have imagined the monster it would become. When the baby boomers fully flood the rolls, there will be around 77 million Americans taking benefits. Currently, the number hovers around 43 million.
Co-pays Deter Seniors From Important ExamsSome seniors on fixed incomes are deciding to opt out of lifesaving screenings in an effort to save money on the co-pays. This fact comes from an alarming study out of Brown University that was published in the New England Journal of Medicine. The study revealed that mammography rates dropped by 8% with women with women who were required to provide a co-pay as opposed to those with full coverage.
Alternative Medicine’s Insurance Questions AnsweredMore and more Americans are looking for other ways to treat their health problems other than what is offered through traditional Western Medicine. To meet this increasing demand, insurance companies are offering coverage for a variety of \"alternative\" therapies.
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