If you currently have Medicare insurance, you are well aware of the fact that even though many medical expenses will be covered, there will be some health care costs that are left for you to pay. Medicare covers 80% of many health expenses, but 20% will be the responsibility of the beneficiary. If you have very high medical costs, this 20% can be a substantial amount for you to pay. Even if your health care costs are not high, 20% can still add up over time. For this reason, many individuals on Medicare will invest in Medicare Supplemental Insurance Plans to help cover those expenses that their original Medicare plan will not pay.
Supplemental Plans may also be referred to as Medigap policies, since they help to fill in the gaps that are left with standard Medicare insurance. There are twelve Supplemental Plans available, and they are listed as Plans A through L. This is applicable to every state except for Massachusetts, Wisconsin and Minnesota. Each policy offers different benefits.
Medigap policies are sold by private insurance agencies, and these companies must adhere to federal and state laws. For an individual to be eligible for this type of supplemental policy, he or she must already have Medicare Parts A and B. A spouse will not be covered under a Medigap policy, and separate policies must be obtained for each individual. It will be necessary for the beneficiary to pay a premium on Medicare Part B as well as the Medigap plan. If an individual’s income is very low, there is assistance available to help with the payment of premiums.
Listed below are some health care costs that are not covered by Medicare but may be covered under Medicare Supplemental Insurance Plans.
- Dental care.
- Private nursing care.
- Health care that is needed outside of the United States. There are certain circumstances where this may not apply.
- Custodial care.
- Skilled nursing care that is over 100 days and transpires during a benefit period following a stay at a hospital.
- A yearly deductible.
- Co-payments.
- Coinsurance, which is the amount of health care costs that must be paid after Medicare, has taken care of its portion.
- Premiums, which are usually applicable with Part B coverage.
- Cosmetic surgery.
- Foot care of a routine nature.
- Hearing aids.
- Routine eye care.
- Eyeglasses, unless they are required after cataract surgery.
- Homemaker services.
When you are seeking Medicare Supplemental Insurance Plans, you will want to check out a number of private companies that are offering policies in various price ranges. In this way, you can invest in a policy that will have affordable premiums. You will also want to check out the policies themselves to see what type of coverage they provide. You may have a pre-existing medical condition that requires you to receive care on a regular basis. Or you may need frequent hospitalization. In either of these cases, you will want to consider a supplemental policy that will be geared to your specific needs.
There are a variety of Medicare Supplemental Insurance Plans available that will assist individuals who are in need of additional insurance. With a little bit of research, you will locate the policy that will fit your health care requirements and help to pay for all of your medical expenses. These supplemental plans are designed to assist individuals with medical needs that go above and beyond the coverage provided by Medicare itself. With the proper plan, it will not be a struggle to keep up with health care expenses.