Benefits of Buying Medicare Supplements
The Affordable Care Act has changed the way people get health care. One of the benefits of this new law is that it requires private insurance companies to offer Medicare supplements for those who are eligible. However, many people still have questions about what these products do and how they work.
What is a Medicare supplement? These are policies that cover gaps in the coverage offered by standard Medicare. They also pay for services not covered at all, like prescription drugs, as well as routine care such as dental and vision. They are not all the same, so you’ll need to choose between them, for example Medicare Part F vs Part G, etc.
Why should I get one of these insurance products? If you have limited or no other medical benefits besides what comes from your original health plan then a supplement could be worth considering when it’s time to find new private insurance. You can review the policies available on sites like [INSERT WEBSITE]. This will help you determine which type of coverage would best suit your needs. However, if you already have an individual policy through work–or any group plan with more than 50 employees–you won’t need a supplement.
What if I’m on Medicare and already have supplemental insurance? If you are eligible for both standard Medicare Part A, B, C (as in Original Medicare) and a private plan this is called “creditable coverage.” This means that the two coverages together meet all of your medical needs–and there should be no reason to buy additional coverage.
What types of coverages come from these supplemental policies? There are many different kinds of medicare supplements that offer differing levels of protection depending on your budget and individual needs; here is some information about the most common products:
Medigap Plans: These are standardized policies with specific coverage packages. The cost varies by state and is based on your age but it can range anywhere from $15 to more than $400 per month–or even higher, depending on where you live. One of these plans might be right for someone who has few other medical benefits besides what they get through original Medicare; another option would be a person who feels that their current policy doesn’t cover everything they need in terms of prescription drugs or routine care like dental or vision services.