Medicare is a health insurance plan that provides a safety net for seniors in the United States. The insurance program provides hospital and medical insurance for Medicare beneficiaries. However, like all safety nets, Medicare doesn’t cover everything – more known as coverage gaps. These coverage gaps can be costly depending on the frequency and type of medical services you need. Luckily, Medicare Supplement (Medigap) plans can help fill this gap.
Depending on the type of plan, Medicare Supplement policies are designed to provide coverage for services Medicare doesn’t cover. New Medicare beneficiaries often ask us if they need a Medicare Supplement plan: let’s find out.
How a Medicare Supplement Plan Can Help
Medigap plans were created to fill the gap in the coverage left behind by Original Medicare. Medigap offers peace of mind knowing that if the unexpected happens, you don’t want to spend big on unexpected medical expenses. Medigap takes care of things such as deductibles, copayments, and coinsurance that you are required to pay. Some Medigap plans even provide coverage if you travel outside the U.S.
There are 10 available Medicare Supplement plans, and they are labeled: Medicare Supplement Plan A, B, C, D, F, G, K, L, M, and N. Most Medicare Supplement plans are guaranteed renewable for life, which means as long as you pay your monthly premium you are covered, and an insurer cannot deny you coverage due to your pre-existing condition.
Once the Original Medicare plan pays its part, your Medicare Supplement coverage will cover most of the remaining costs for any Medicare-approved services. Also, you can go to any doctor or hospital that accepts Medicare, which is one of the best features of these plans.
What Medicare Supplements Cover
All Medicare Supplement plans provide a very specific level of coverage for certain services. For example, Plans A and B provide the most basic coverage while Plans C, F, G, and N provide comprehensive coverage.
Nonetheless, here are the list of service that could be covered by a supplement plan:
- Part A and B hospital and coinsurance costs
- Part A and B deductibles
- Part A hospice care coinsurance/copay
- Part B excess charges
- First 3 pints of blood used for transfusions
- Skilled nursing care facility coinsurance
- Foreign travel emergency care
Do I Need A Medicare Supplement Plan?
Essentially, Medigap plans may offer protection from high out-of-pocket costs from several doctor or hospital visits. You may want to consider a Medigap plan if you are likely to have multiple hospital stays or expect to have frequent medical services or doctor visits.
Overall, a Medigap plan can save you money.
However, if you don’t typically require many hospital or doctor’s visits, you may want to consider other options like Medicare Advantage plans.
Contact a licensed Medicare expert at Veritas Insurance Group to determine your next steps and find the right Medicare plan for your healthcare needs.
