Learn these medicare supplement basics before you shop…
Medicare Supplement Insurance, sometimes called Medigap plans, are insurance policies made available by private insurance companies that do what their names imply; they supplement or fill the gaps in Original Medicare coverage. To properly understand Medicare Supplements it is important to first have a basic understanding of what they supplement – Medicare.
Medicare is health insurance offered by the Federal government to people over age 65, people under age 65 with certain disabilities and people of any age with End Stage Renal Disease (ESRD) who meet eligibility requirements.
Original Medicare is comprised of two parts: Part A and Part B
- Medicare Part A covers a wide range of hospitalization and inpatient services.
- Medicare Part B helps pay for doctor services, outpatient services and other medically necessary services that are not covered under Part A.
Medicare Part A and Part B do not pay 100% of the services they cover (and they where never designed to do so); there are deductibles and coinsurance amounts that are not covered. The biggest concernwith what is not paid by Medicare is the fact that there are NO limits to what a Medicare beneficiary may be responsible to pay.
Some of what is not covered under Original Medicare is based on a percentage. Medicare usually pays only 80%. That leaves 20% owed by the person on Medicare. This may be 20% of an $80 office visit or 20% of some astronomically expensive on-going procedure.
This is where the real liability and exposure lies for those that choose to only have Medicare coverage and not purchase Medicare Supplemental coverage.
The Most Important Thing To Understand About Medicare Supplement Insurance
The single most important thing for a person to understand about Medicare Supplement insurance, and shopping for Medicare Supplement insurance, is the fact that in most states insurance companies can only sell “standardized” Medicare Supplement plans that are identified by letters A through N.
Each standardized Medicare Supplement policy must offer the same basic benefits, no matter which insurance company sells it. Cost or premium, is usually the only difference between Medicare Supplement policies with the same letter sold by different insurance companies.
Medicare Supplement policies supplement Original Medicare and don’t cover your share of costs under other types of health coverage such as: Medicare Advantage Plans, Medicare Prescription Drug Plans, Medicaid, Employer/Union group health coverage, etc.
Furthermore Medicare Supplement plans, as a rule, only cover and pay for services that are covered under Medicare and don’t cover non Medicare covered services such as dental, elective procedures and other items.
The above information is by no means all that one needs to know about Medicare Supplement Insurance but is intended to provide a basic base of knowledge from which to build on.
Having helped thousands of seniors over the course of twenty years I can tell you that if you understand and have a grasp on what is discussed above, you are well on way and will have a proper foundation of understanding that will help you immensely.
Learn More About Medicare Supplement Insurance
The Medicare publication at: www.medicare.gov/Publications/Pubs/pdf/02110.pdf will provide very detailed and in depth information, to aide in your understanding of Medicare Supplement Insurance.
Finally; as much as you having a good grasp on some of the basics that are important, it is also incredibly helpful to obtain the assistance of a knowledgeable, trustworthy and experienced professional – like the assistance that you will find at Reed & Associates.
Reed & Associates can help you bring it all together. We will assist you in finding the best Medicare Supplement coverage for your money and will help you to make sense of it all.
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Helping Seniors find the best Medigap / Medicare Supplemental insurance in Oregon, Idaho, Washington, California & Arizona