Are you a senior on Medicare? You probably know that the plan does not cover all the health insurance benefits you need. This is exactly where a Medical supplemental insurance plan becomes important. Also referred to as Medicare gap or Medigap coverage, it has a variety of benefits that supplements the costs that Medicare does not cover. Here are ten important facts about Medicare supplemental insurance plans.
Medicare supplemental plans are standardized
Medicare supplemental plans are standardized. This means that each plan that begins with the same letter (with designated letters A to N) must have the same basic benefits, irrespective of the insurance company you purchase the plan from. However, different insurance companies determine their pricing independently.
Medicare supplemental insurance plans cannot be combined with certain health insurance types
Medicare supplemental plans were designed to work with Original Medicare (parts A and B). If you have another type of insurance, purchasing a supplement plan from a supplement plan from an insurance company may be illegal.
Medicare Supplement plans do not cover all medical benefits
Benefits such as Part A and B deductible, Part B excess charges, skilled nursing facility care coinsurance, and foreign travel emergency are covered up to 50% by some Medicare supplement plans. On the other hand, benefits such as Medicare part A coinsurance, part A hospice care copayment or coinsurance, part B coinsurance or copayment, and the first three pints of blood are covered by supplement plans to at least 50% and it could be up 100%.
Medicare supplement plan is best bought when you are first eligible
Although Medicare supplement plan can be bought anytime, you could be subjected to medical underwriting which would allow insurance companies gather information about your medical history. This history – past or present – could be used as grounds to either charge you more for a plan or reject your application. The Medicare Supplement Open Enrollment Period is the best time for purchasing a supplement plan. During this time, you would not be subjected to a medical underwriting by insurance companies. This period lasts for six months beginning from when you are 65 or older.
You must leave your insurance plan to enjoy a Medicare Supplemental plan
If you already have another insurance plan such as a Medicare Advantage plan, you must leave the plan before the Medicare supplemental plan begins.
A Medicare supplement plan is for one person
If a holder has a spouse that qualifies for a Medicare supplement plan, he/she will have to purchase a separate policy.
Consumers pay a premium
Medicare supplemental insurance plan consumers pay the insurance company a monthly premium for the policy. This is in addition to the Part B premium that a policy holder must pay to Medicare.
Medicare Supplement plans no longer cover prescription drugs
In the past, Medicare supplemental plans had prescription drug coverage. However, since January 1, 2006, such coverage has been disallowed. For consumers who need such coverage, they can purchase the stand-alone Part D also referred to as Medicare Prescription Drug Plan.
It is illegal anyone with an MSA to sell a Medicare supplemental plan
If anyone has a Medicare Medical Savings Account (MSA) Plan, it is illegal to sell a Medicare supplemental plan to a consumer.
Medicare Supplemental Plans are guaranteed renewable
So long as a consumer continues to pay the premium, no insurance company can cancel a Medicare supplemental policy even if the consumer has medical issues.
Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com. Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans. To talk to an expert in Medicare coverage toll free 877-202-9248 today!