Medicare Supplements, or Medigap plans, help cover the difference between what Original Medicare Parts A & B cover and the actual charges. They help minimize your out-of-pocket expenses. They are not complicated to understand and have standardized coverage no matter what company is offering the plan. Each Medicare Supplement is indicated by a plan letter, such as F, G, N, etc.
The supplement plans have consistent coverage regulated by The Centers for Medicare Services, CMS. There are 10 Medicare Supplement plans that are all the same plans with different carriers.
What You Need to Know
Part A and Part B kick in at the age of 65. Disability is another qualifier, after 24 months of being disabled, you are eligible to receive Medicare.
After you have your Medicare card you are able to apply for either a Medicare Supplement or Medicare Advantage.
Medicare Supplements are only good for Medical, nothing to do with prescriptions, you would need a separate prescription plan if you have a Medicare supplement plan.
You still pay your Part B premium, plus your Medicare Supplement plan premium. Also, you would still need your prescription drug plan on top of those two costs. You will not have to worry about which hospital you go to as long as they take Medicare with a Medicare Supplement plan you will be covered.
Whats different from Medicare Advantage?
Medicare Advantage has a Network, where Medicare Supplements do not. Medicare supplements work anywhere in the united states that accepts Medicare. This can be big for someone that likes to travel a lot and still wants to be covered.
Why are Medicare Supplements Important?
A Supplement plan is important because it is extremely versatile for those who require versatility. They have the flexibility to be taken anywhere in the United States that accepts Medicare as well as having the innate ability to provide more coverage. for less. Whereas with Medicare Advantage you can incur out of pocket expenses. These out of pocket expenses can add up pretty quickly and cause some financial hardship. Which we know no one wants or needs. Supplements are some time the best option for individuals. Though you should always consult a licensed insurance agent before making any decisions as these decisions are critical to your health and financial well being.
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