- March 6, 2018
- Posted by: MMB
- Category: Medicare Supplements
Medicare is a health plan that can cover a wide variety of services in two parts: Part A (Hospital Insurance) and Part B (Medical Insurance). When Medicare Part A and Part B are not enough, Medicare supplement plans can help. Medicare supplements help pay for out-of-pocket health care expenses.
Also known as Medigap, Medicare supplement insurance is designed to supplement original Medicare. This means it helps pay some of the gaps or health care costs that original Medicare doesn’t cover. These expenses include co-payments, deductibles and much more. Many people need assistance covering these costs. This is where a medical supplement plan can help.
Medicare Supplement Plan Policy Overview
- Medicare Part A and Part B are required.
- If you have a Medicare Advantage Plan, ensure you can leave the plan before the Medicare Supplement Insurance begins.
- The monthly premium for Medicare Supplement Insurance is paid in addition to the monthly Part B premium for Medicare.
- A Medigap policy only covers one person.
- As long as you pay the premium, your Medigap policy is guaranteed renewable regardless of any health problems.
- Medicare Supplement Insurance does not cover prescription drug coverage as of January 1, 2006.
Is a Medicare Supplement Plan Required?
No, but supplemental insurance protects against expensive out-of-pocket costs.
Why Might You Want it?
Medicare Part A covers hospital care, nursing facility care, hospice, and other inpatient services. Medicare Part B covers doctor visits, medical equipment, ambulance services, and other medical services and supplies. Both require a yearly deductible, copayments, and coinsurance which can quickly become expensive. Therefore, a Medicare Supplement plan can help.
To learn more about Medicare Supplement Plans, contact McInturff, Milligan & Brooks via the form below or at (423) 639-5171 to find out what is best for you.
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