Medicare supplements, or Medigap plans, are a way for senior citizens to gather the Medicare coverage they need in case they become disabled. There are many confusing things about Medicare and Medigap plans, but if you have questions, Medicare will help direct your search for the right option.
There are three main categories of Medicare benefits: Parts A and B, and Part D. Medicare pays benefits to the actual patient and their family, and is not a pay-for-service program. This means that Medicare supplements must be taken from the actual Medicare benefit plan, or Medicare Part A or Part B.
Medicare Part A is for individuals older thanks and pays medical costs such as prescriptions, doctor visits, hospitalization, and other services received from doctors and hospitals. Medicare Part B covers some of these same services at a more expensive rate and can sometimes be combined with Medicare Part A.
Medicare Part D is for those who are between the ages of Medicare age and 65 and pay some deductibles, outpatient care, and certain vision and dental care services. This Medicare supplement plans are optional for seniors with Medicare and will usually require a Medicare Part A or Part B premium payment, an estimate of your expected out-of-pocket expenses, or both.
If you are between the ages of Medicare age and 65, and you are thinking about starting or maintaining Medicare coverage, it’s best to do so before turning to medical insurance plans. It’s too early to decide on Medicare coverage now, because even with a slow initial increase in coverage, the cost of Medicare can eventually catch up to you, making any plan you had in place suddenly worthless. It’s also important to remember that Medicare does not pay for any pre-existing condition.
Even with coverage from Medicare Part A and Part B, the fact is that most people do not have any medical problems now, and may not in the future. For this reason, it’s often more affordable to simply stay current with your existing Medicare coverage until you turn 65, and then start shopping around for the right option.
Medigap supplement plans generally come in two different flavors: The Advantage plan allows you to choose one of three plans, which are determined by your level of coverage from Medicare.
Your Medigap administrator will help you determine which plan is best for your needs. In general, the plans are more expensive than Medicare Part A and Part B, but you may get a discount on medications if you meet certain requirements. Your plan administrator can explain all the details of your plan and how it works.
There are other plans, also called “Medigap” plans, that don’t come from Medicare. These plans cover almost everything else that Medicare would, such as surgeries, laser procedures, hearing aids, durable medical equipment, and more. These plans usually cost more than Medicare Part A and Part B, since they usually have a higher deductible and fewer coverage options.
If you want more options or a better price, you might want to compare the individual policies of a Medicare Advantage or Medicare Part C plan administrator. They can walk you through the process and help you choose a plan that meets your exact coverage needs at a price you can afford.
You should know that even if your Medigap plan does provide coverage for medications, you may not be able to use your medications without a prescription. Medicare does not cover the costs of pharmacy-manufactured drugs, so your insurance will likely not cover them.
Your insurance administrator can help you understand all of your options if you’re concerned about this. It’s important to remember, though, that even if your coverage from Medicare doesn’t cover the medications you need, your Medigap administrator can help you pay for emergency medication costs. If you ever find yourself in a situation where you have to have the medicine your physician prescribed, you should let your administrator know so he can help you out.
