What is Medicare Supplement Insurance? This is a question we get a lot at DirectMedSup. When you become Medicare eligible at age 65, you have a choice you need to make. You can enroll in a Medicare Advantage plan or traditional Medicare (Medicare Parts A and B). Traditional Medicare has been seniors’ most reliable health care option for decades, but it doesn’t cover everything when you visit a doctor or hospital. As a result, many Medicare beneficiaries also opt to enroll in a Medicare Supplement Insurance plan.
In this article, we explain what traditional Medicare covers, what Medicare Supplement Insurance is, and why a supplement plan can be an invaluable health care resource.
What does traditional Medicare cover? What costs do I pay?
Here is a brief breakdown on what is covered by Medicare Parts A and B:
|What’s covered by Medicare Part A||What’s covered by Medicare Part B|
|Inpatient hospital care (up to a certain dollar amount)||Medical services needed to diagnose or treat your medical condition|
|Skilled nursing facility care and inpatient care in a skilled nursing facility (up to a certain dollar amount)||Medical supplies needed to diagnose or treat your medical condition|
|Home health care and Hospice care||Preventative health care services|
One of the most common misconceptions about Medicare is that it covers all of your medical expenses when you retire. While Medicare covers a great deal of your expenses, it unfortunately doesn’t cover them all.
Both Medicare Parts A and B have certain “gaps” in their coverage. Both parts have a deductible, and you are also responsible for copayments, coinsurance, excess fees, and inpatient costs above what Medicare covers. These costs can add up quickly, especially as you get older. To avoid many of these potentially expensive out-of-pocket costs, Medicare beneficiaries often enhance their coverage by enrolling in a Medicare Supplement Insurance plan.
What is Medicare Supplement Insurance and how can it help reduce your Medical bills?
Medicare Supplement Insurance, also known as Medigap insurance, is an affordable option to help reduce many of the out-of-pocket health care expenses mentioned above.
There are 10 plans, each identified by a certain letter (you can find more information on the differences in coverage provided by each plan in this article). These plans are offered through private insurers, and they are standardized across the industry. This means that an insurer cannot limit your supplemental coverage to cut their costs. When you sign up for a Medigap plan, you can be confident you are receiving the coverage you want and need.
What’s more, Medicare supplements do not replace any of the coverage you already receive from Medicare. These plans work in coordination with your existing coverage, allowing you to see any doctor who accepts Medicare. Unlike most Medicare Advantage plans, you will not be limited to the doctors within a private insurer’s network of caregivers. You will pay a monthly premium for your supplement; however, since your out-of-pocket costs will be significantly reduced, you are likely to save thousands of dollars on your health care in the long-run.
How can I enroll in a Supplement Insurance plan?
DirectMedSup makes the enrollment process as easy as possible. Start by giving us a call at 866-254-9197. You’ll speak to one of our licensed agents who will walk you through the entire process. The agent will listen to your health care needs and help you learn more about the plans that will best fit your current situation.
Once you choose your plan, our agent will work with the top insurance companies to compare rates in order to get you the best rate possible. After you receive your coverage, we’ll be here to answer any questions you may have about your policy and can help you select a new plan if your needs ever change.
Give us a call today at 866-254-9197 to learn more about your available options.