subject: 8 Important Things About Medicare Supplement Plan [print this page] Medicare offers health assistance including Medicare Part A and Medicare Part B. Generally Medicare Part A coverage includes skilled nursing facility care, Hospital care, Hospice, Home health services and Nursing Home Care.
Medicare Part B covers Clinical research, Durable medical equipment, Ambulance services, Inpatient, Outpatient, Mental health, Partial hospitalization, and getting a second opinion before surgery. Although it covers vast services, not all can be covered.
Medicare Supplement Plans help you pay some of the healthcare expenses that original Medicare doesnt cover. Commonly known also as Medigap policies, they cover deductibles, copayments and coinsurance.
Some plans also include additional coverage that cannot be provided by Medicare. It includes certain coverage for medical care when traveling outside US. When you enroll in a policy, original Medicare will first pay for its share of Medicare-approved amount for your healthcare. The remaining will then be shouldered by your Medigap policy.
1.You must have Medicare Part A and Medicare Part B.
2.When you enroll in a Medigap policy, you pay a monthly premium to the private insurance company apart from the Part B monthly premium.
3.You can apply for the policy even if you are enrolled in a Medicare Advantage Plan ensuring that you will leave the plan before Medigap policy starts.
4.You can purchase a policy from any licensed insurance company in your state.
5.It only covers one person. If you and your spouse need the plan, you must enroll separately to avail the coverage.
6.You cannot be sold with a plan if you are presently on a Medicare Medical Savings Account (MSA) Plan.
7.It is guaranteed renewable even in the event that you will have any health problem. No insurance provider can cancel your policy given that you pay the premium.
8.Plans before January 2006 covers prescription drug coverage. But after the period, policies dont cover any prescription drug coverage. If you want to avail of the benefit you can enroll in Medicare Part D.
Medicare Supplemental Insurance plans dont cover everything. It doesnt include vision, dental, hearing aids, eyeglasses, private-duty nursing and any long term care. You must also be aware that Medicare Advantage plans, Medicare Prescription drug plans, Medicaid, TRICARE, Veterans benefits, Employer or union plans, long term care insurance policies and Indian health service, Tribal and Urban Indian Health Plans are not Medigap policies.
If you are planning to drop your policy, you need to consider of the right timing. For instance, when you quit your plan and the drug coverage is not creditable or you exceed 63 days before your new Medicare coverage begins, you can be charged of late enrollment penalty for your Medicare prescription drug plan.
