What is Medicare supplement?

Medicare-Supplements or Medi-Gap is an insurance policy that helps to cover some “gaps” that original Medicare does not cover. Medicare-supplements are available at different levels that include level A to level L. The price of each level is different as they offer separate volumes of supplemental coverage. 

Medicare-supplements are offered by private health insurance companies. This means they have a monthly premium which differs based on various factors that include zip code, level of coverage, and age. However, the cost of premiums is subject to yearly price rise. This means that when aged 65 years; you might buy a policy at a certain price but probably pay more at the age of 75.

Medicare-Supplement plans are beneficial to adults over 65 years. Individuals who purchase these policies are entitled to visit almost any hospital, specialist, or doctor. And they generally pay nothing or less with the Medicare-supplement-policy. 

 

What are the benefits of Medicare supplement?

Based on the Medicare-supplement-plan you pick, the program can offer numerous benefits. However, the benefits and the costs differ depending on your plan. Some of the benefits of Medicare supplement plans include:

• -Cost of blood-transfusions
• -The cost of an extra 365 hospital days after using up the Part-A benefits
• -Most plans offer the benefit for Part-A deductible
• -Some plans also provide Part-B deductibles. 
• -Co-payment of skilled nursing facility

Apart from the above benefits, most plans help you avoid several expenses not covered by the original Medicare. Happily, the standard Medicare supplement benefits are normally set by the federal government. This means that no matter the insurance company selling the plan, the basic benefits are the same. 

 
What are some of the things you need to know about Medicare Supplement Plans?

1. -For someone to have a Medicare-supplement-plan, he or she must have Medicare Part-A and Medicare Part-B.
2. -There are is a difference between Medicare Supplement plan and Medicare Advantage-Plan. The Medicare-Supplement-plans only supplements the original Medicare benefits. 
3. -You are required to pay a private insurance company the monthly premiums for the Medicare-supplement-policy. The amount is paid in addition to the Part-B monthly premiums. 
4. -Medicare supplement plan can only cover one person. This means that if you and your husband/wife need Medicare-Supplement coverage, you will be required to purchase different policies. You can buy from different insurance companies.
5. -You can purchase a Medicare-Supplement policy from any private insurance company. However, the company should be licensed to sell one. 
6. -The standardized Medicare-Supplement plan is renewable even when you have health issues. The rule means that an insurance company cannot revoke your policy due to health issues as long you are able to pay the premiums.
7. -In the past, several Medicare-supplement policies would cover prescription drugs. However, this has changed. Today, Medicare-supplements are not entitled to have Prescription-drug coverage. For someone who would like prescription coverage, he or she will have to join a separate plan known as Prescription-Drug Plan. 
8. -You cannot have a Medicare-Supplement plan if you already have a Medicare-Advantage policy unless you would like to change to Original-Medicare.