Frequently Asked Questions About Medicare Supplements
You may have heard about Medicare supplemental insurance, also known as Medigap. This type of insurance is sold through private insurance companies and is meant to pay for some of the costs of treatment that Medicare typically does not. Some of these insurance plans may cover deductibles, co-payments, and more. This guide will answer some of the most commonly asked questions about Medicare supplemental insurance.
What Are the Requirements for Medicare Supplements?
In order to qualify for a Medicare supplement insurance, you must have both Medicare Part A and Medicare Part B already. If you have a Medicare Advantage Plan, you simply need to leave that plan before your new plan kicks in. You also cannot have a Medicare Medical Savings Plan to qualify.
How Does Paying for a Medicare Supplement Work?
If you buy a supplement plan through a private insurance company, you will pay a monthly premium to this insurance company. If you want to cover several people (like yourself and a spouse) with your policy, you will need to purchase separate policies.
Can an Insurance Company Cancel my Medigap Policy?
As long as you can continue paying your monthly premiums, you are eligible to keep your insurance. Standardized policies are guaranteed for renewal, even if you have a health condition that pops up.
Do Medicare Supplements Cover Medications?
It used to be that these Medigap policies could cover prescription medications, but this is no longer the case. For prescription coverage, you will have to work through Medicare to obtain Part D insurance.
What Does Medicare Supplemental Insurance Cover?
There are actually several types of care not covered by Medicare supplements. You will be covered for general medical care, but you will not be covered for things like long-term care, which is important to know. These insurance policies also do not cover dental care, vision care, hearing devices, eyewear, or private nursing care.
Medicare supplements can be the key to being able to afford health care in many instances. In a time where paying for medical care is expensive and insurance can make you feel unsure about the future, these plans may be a great help. If you have additional questions about Medigap insurance and supplements, it is important to talk with a professional who can help you determine whether or not one of these plans is right for you. You can also learn more about signing up with professional help.
For more information, contact local professionals like those found at Senior Advisors.
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