Medicare Supplements
Medicare supplements provide additional cost coverage to Original Medicare (Parts A and B). There are 10 different variations of supplements, including plans A, B, C, D, F, G, K, L, M, and N.
Each of these options covers a variety of different benefits, from coinsurance/copayment cost coverage to blood transfusions. Here is a breakdown of what Medicare Supplements are and how they work.
Medicare Supplements: The Basics
Medicare Supplements (or Medigap) are an optional addition to one’s Original Medicare coverage. After being accepted into a plan, you will receive cost coverage and various benefits once you have met your yearly deductible, and so long as you pay your monthly premiums.
Because they are offered privately, the rate of this deductible and premium may vary from company to company. However, the type of coverage offered by each plan remains the same.
These plans cover percentages of Original Medicare costs. For example, one plan can cover 100% of the cost for Part A coinsurance and hospital costs and 80% of foreign travel care. This means that, of the cost for these services, the supplement will cover that percentage, the remaining percentage (if any) being paid out of the beneficiary’s pocket.
The 10 Different Supplement Plans
As mentioned, there are 10 different Medicare Supplement plans. Of these options, plans C, F, and G offer the most coverage, but at the highest monthly cost.
Plans A, B, K, and L, on the other hand, have a lower monthly payment for a smaller amount of coverage. Finally, plans D, M, and N fall somewhere in between, with an average monthly premium for a reasonable amount of coverage.
If you would like to learn more, check out our post on Supplement Plan Comparisons.
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Applying for Medicare Supplements
Applying for Medicare Supplements can be a somewhat difficult process depending on a few factors. If you are older than 65 years old, you will have to undergo a process called Medical Underwriting in order to apply for a Supplement plan.
During this process, you will have to answer various health-related questions to determine if you are eligible for coverage. In most cases, answering “yes” to having or recently having a more serious condition, you will be turned down for coverage. You may still be eligible if you answer “yes” to the less-serious questions.
If you are not yet or are turning 65, this process is actually fairly simple. For the 6 months following your 65th birthday, you may apply for a Supplement plan without medical underwriting, and will more than likely be accepted into the plan.
We Will Help Find You the Best Supplemental Coverage—Call Veritas Insurance Group
Are you interested in a Supplement Plan? We can help get you started on the right foot—with expert insurance insight and advice, Veritas Insurance Group will help get you where you need to be. If you are ready to get started, give us a call at 563-940-2284.
