Medicare Supplements
Medicare is health insurance for individuals 65 or older, people under 65 with certain disabilities, and people of any age with End Stage Renal Disease (ESRD)(permanent kidney failure requiring dialysis or a kidney transplant).
Medicare Supplement Insurance (Medigap) is a health insurance policy that helps pay for out-of-pocket costs for Original Medicare, such as deductibles, coinsurance, and copayments. Medigap is sold by private insurance companies and is standardized with plans named A—N. The main difference between plans with the same letter from different companies is price.
To buy a Medigap policy, you need to have Medicare Part A and Part B, and pay a monthly premium to both Medicare and the insurance company. As long as you pay your premiums, your Medigap policy will automatically be renewed each year. You can apply for a Medigap plan at any time but you are guaranteed coverage without medical underwriting if you apply during your six-month open enrollment period. This period starts on the first day of your Part B coverage if you're retiring at 65, or when you retire and sign up for Part B if you're already getting medical coverage through your employer.
When you have a Medigap policy and receive care, Medicare pays its share of the approved amounts for covered healthcare costs and then your Medigap policy pays its share. Today, Plan G is the most popular Medicare supplement plan.
Different Parts of Medicare?
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Inpatient care in Hospitals
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Skilled nursing facility
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Hospice care
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Home health care
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Services from doctors and other healthcare providers
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Outpatient care
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Home health care
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Durable medical equipment
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Some preventive services
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Includes all benefits and services covered under Part A and Part B
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Usually includes Medicare Prescription drug coverage (Part D) as part of the plan
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Run by Medicare-approved private insurance companies
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May include extra benefits and services for an extra cost
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Helps cover the cost of prescription drugs
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Run by Medicare-approved private insurance companies
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It may help lower your prescription drug costs and help protect against higher costs in the future
Medicare Supplements:
Medicare is one of the most regulated items in our economy, and when it comes to Original Medicare Supplements, they must ALL be the same in terms of benefits as regulated by the Federal Government.
The only difference is the premiums that carriers can charge for the supplements that they offer.
As long as your doctor accepts Medicare, he or she will accept your Medicare Supplement.