Missouri Medicare Supplement - Financial Security

Missouri Medicare Supplement - Financial Security

One of the reasons many seniors are confused byMissouri Medicare Supplement insurance is that Medicare has four "parts" named A, B, C, & D, whereas Medicare Supplements come in ten "plans" named A, B, C, D, F, G, K, L, M, & N. Of course it is confusing distinguishing between the parts and the plans!

Medicare Parts:

A - Inpatient care, including hospital stays, treatments you receive while an inpatient, skilled nursing care (for rehabilitation), and hospice.

B - Outpatient care, including doctor office visits, labwork, diagnostic tests, X-rays, surgeries, and emergency room visits (if not followed by a hospital stay).

C - Medicare Advantage Plans ("all-in-one plans" which sometimes include their own prescription coverage).

D - Prescription Plans for use at your pharmacy. Does not include drugs which are administeredin your doctor's office (such as shots or immunizations).

A person must have have both Part A and B of Medicare in order to purchase a Medicare Supplement, which picks up the copays, coinsurance, and deductibles to varying degrees. The most basic plan, A, must be offered by any insurance company who offers Medicare Supplemental insurance, and it covers just the 20% coinsurance for outpatient care. The most complete is Plan F, which covers every single deductible and copay, so a policyholders can potentially owe $0 for all medical care. This truly provides some amazing financial security!

The very best time to buy a Medicare Supplement (sometimes called a Medigap because it fills in the gaps) is during your open enrollment period, and if you recently had certain kinds of health coverage called "creditable coverage." In these cases it's possible to shorten or avoid waiting periods for pre-existing conditions. Prior creditable coverage is generally any other health coverage you recently had before applying for a Medicare Supplement. If you have had at least 6 months of continuous prior creditable coverage, the Medicare Supplement insurance company can't make you wait before it covers your pre-existing conditions.

For more complete details on the best plans available, visitMissouri Medicare Supplement.

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