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What is a Medicare Supplement Plan

A very common question we receive from Medicare recipients is “What is a Medicare Supplement plan?” A Medicare Supplement is additional coverage complementing your Original Medicare. The plans are divided into ten parts, lettered A, B, C, D, F, G, K, L, M & N. These programs are aimed at supplementing your Original Medicare benefits. For you to be eligible to enroll in these programs you must have Original Medicare. It covers the cost of co-payments, yearly deductibles, and coinsurance. 

What is a Medicare Supplement Plan

Supplements are sold by private companies to help pay for some of your healthcare costs that Part A and Part B of Original Medicare doesn’t pay for.What is a Medicare Supplement plan

A few things to note regarding these policies:

  1. You must be enrolled in Original Medicare, Part A & Part B, to apply
  2. A policy only covers one individual, spouses must enroll in their own separate plan
  3. You can only buy a policy from a carrier licensed in your state
  4. All policies are guaranteed renewable if you enroll during your Open Enrollment Period
  5. If you have Medicare Advantage plan, but want to enroll in a supplement plan instead, you must drop your advantage plan since they can’t be used together
  6. You must pay your monthly supplement premium along with your monthly Part B premium

Do they Cover Medication

They don’t cover your prescription medications. You can choose a Medicare Prescription Drug Plan (PDP) and separate plans for vision and dental issues at a cheaper cost.

Is Supplemental Insurance Plan Different from Medicare Advantage Plan

These plans are different from Advantage plans in that they are aiming to supplement your Original Medicare expenses whereas Medicare Advantage plan is one way to get additional Medicare benefits.

What Medical Benefits are Not Covered by Supplemental Insurance Plans

These policies do not cover the following health care services:
  • Hearing aids
  • Dental care
  • Long-term medical care policies
  • Eyeglasses
  • Private-duty nursing
  • Prescription drugs plans
  • Routine vision care
  • Veterans’ benefits

How Much Can a Policy Cost

The premium price for these policies is set based on different factors. If you need more benefits, you are likely to pay higher premiums. Since private companies sell these plans, every company sets their premium rates. Additionally, factors like location, deductibles, marital status and medical underwriting status primarily affect the cost.

When to Enroll for Coverage

The best time to ask for your Medicare coverage policy is when you turn 65 years of age, and you have already enrolled in Medicare Part B.

This time is best to enroll because:

  • An insurer cannot refuse to offer you any policy
  • Health assessment is not required
  • The insurer can’t charge you more based off your current health status

Conclusion

Medicare Supplement insurance plan depends on each recipients individual healthcare needs. It’s important that you get advice from a Medicare Insurance Specialist to guide you in choosing the right amount of coverage at the best rate available. You can learn more by visiting our resource center here. For additional questions please call one of our senior agents today using the number provided above. If you’re ready to find a plan now, then click here to compare rates!

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