What Is Medicare Supplemental Health Insurance?

Medicare Supplemental Health Insurance, or Medigap, refers to 12 various policies sold by private insurance companies to provide additional coverage not included in basic Medicare A and B plans.

The various plans available under Medicare Supplemental Health Insurance all include emergency medical coverage outside the U.S., co-payments, deductibles, and excess amounts not covered in Medicare. The different plans vary according to what the patient considers important aspects for their long-term health care needs. It is important to keep in mind what services may be needed in the long-term because it may be impossible to switch policies in the future. While there are prescription drug benefits in certain Supplemental Plans, compare the terms to the Medicare Prescription Drug Plan D to ensure you receive the maximum financial coverage.

What Medicare Supplemental Insurance does not cover:

Medicare Supplemental Health Insurance plans do not cover dental or vision, hearing aids, eye glasses, long-term nursing home care, or two spouses under one plan. The plans are not available to those holding Medicare Advantage Plans, Union or Employer plans, VA benefits, or TRICARE. If you have a pre-existing medical condition, you cannot be denied a Supplemental policy, but it is best to enroll during the open enrollment period to avoid waiting for coverage.

What to know when comparing insurance companies:

The monthly premiums associated with Supplemental Insurance policies vary according to age-related factors insurance companies incorporate. Some companies offer lower lifetime premiums for younger insurers, while others offer premiums that increase with the policy holder’s age. Calling around to various insurance providers in your area is the best way to ensure you receive the most competitive premium rates. To ensure your insurance provider is a respected one with good consumer reviews, contact your State Health Insurance Assistance Program for specific information, questions, or concerns.

Related posts

1. When Should I Drop AARP Medigap Insurance?
2. Why So Much Confusion About Medicare Supplemental Policies?
3. Do I Have To Switch Medigap Policies If I Have An Older Medigap Policy?
4. How Should I Evaluate Medicare Supplemental Insurance Quotes?
5. How Soon Does My Medicare Supplemental Insurance Cover Me?

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