Medicare Supplemental

Medicare supplemental is a health insurance policy sold by private insurance companies and agents. This insurance is meant to provide additional coverage for costs that the original Medicare Plan does not cover.

Medicare

Medicare was developed in the 1960s to provide quality healthcare to senior citizens. If you are a United States citizen over the age of 65, you are eligible to receive Medicare coverage. Individuals with certain disabilities and medical conditions may also be eligible for the Medicare Plan.

There are currently several different Medicare plans to choose from. Though these plans provide coverage for a variety of health care needs, such as hospitalization, hospice care, managed care, physician’s visits, therapists, and outpatient hospital procedures. New Medicare plans have also been developed to cover prescription drug expenses, but they come at an extra cost.

Though many health services are covered, those with Medicare may still be responsible for monthly Medicare premiums, deductibles, co-pays, and other out-of-pocket expenses.

Medicare Supplemental Coverage

Medicare supplement coverage, sometimes known as a Medigap policy, helps you pay some of the healthcare costs that are not covered by the Original Medicare Plan. If you have Medicare and a Medicare supplemental policy, Medicare pays its share of the bill and the supplemental policy will pay your share of your health care costs, reducing or eliminating your out-of-pocket expenses.

There are currently ten standardized Medicare supplemental policies, or Medigap plans, that can be purchased from private insurance companies and agents. Labeled plans “A” through “J”, each has a different set of benefits. Plan A covers basic needs only, while plans B through J offer additional benefits. Plan J offers the highest level of coverage available.

The plans are standardized so you can compare them easily. Insurance companies and agents can only sell you one of these standardized Medigap plans and must follow all of the Federal and State laws that have been put into place to govern Medicare supplemental coverage. These laws were put into place to protect consumers and must be followed stringently.

Purchasing Medicare Supplemental

When shopping for a Medicare supplemental policy, it is very important to compare costs. Though the plans are standardized, and will be the same no matter who you purchase them from, insurance companies are allowed to set the cost for coverage and costs may vary greatly. By shopping around to compare costs, you can save yourself hundreds, and perhaps thousands, of dollars.

Also, not every company will offer each Medigap plan. Insurance companies can decide which plan they want to sell, which means that not every company will offer plans A through J. Some companies may offer only one or two plans. Before you purchase a policy, make sure that you have evaluated all of the different plan options. This will ensure that you make the best decision based on your individual health care needs and financial situation.

Once you have purchased a policy, it is guaranteed renewable. This means that as long as you pay your Medicare supplemental policy premium, your coverage will continue to be renewed year after year, regardless of your medical condition.

There are many different companies who now offer Medicare supplemental policies. Before purchasing coverage, remember that it is very important to take the time to shop around. If you are not sure which insurance company to contact for a quote, here are some of the major companies who offer Medicare supplemental insurance:

• American Association for Retired People (AARP)
• American Family Insurance
• Blue Cross/Blue Shield
• Banker’s Life
• Golden Rule Insurance Company
• Mutual of Omaha
• Provident Life
• Physician’s Mutual
• State Farm Insurance
• Union Fidelity Insurance
• United American Insurance

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