You may know by now that Medicare supplemental plans, also known as Medigap, are policies that are sold by private insurance companies to help cover a portion of the health care costs that Original Medicare doesn’t cover. You can’t purchase this type of policy if you have a Medicare Advantage Plan. For this to work, you must you must have both Medicare Part A and Part B (Original Medicare) to buy a Medigap policy.
Medicare supplemental plan policies generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, long-term nursing home care, or private-duty nursing. The following gaps are what Medicare supplemental plans cover, each of the ten plans offers different benefits. Not only is it important to distinguish these terms to help you understand when and how much you need to pay for your healthcare it is important to compare plans as they each offer a different combination of benefits.
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Co-payments (copay)
Copayments are the flat fees that you pay on the spot to get a covered health service each time you pay your doctor a visit. Without a Medicare supplemental plan, you would have to pay this amount out of pocket before Medicare begins to pay.
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Coinsurance
Coinsurance is a portion of the medical cost you pay after your deductible has been met, and your health plan takes effect. Once you have met your deductible, you and your insurance carrier each pay a share of the costs to add up to 100%. Take this, for example, if your coinsurance share is 20%, you will pay 20% of the cost of your medical bills and Medicare supplemental plan will pay the remaining 80%
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Deductibles
Many costs for medical services count toward your deductible apart from copayments. A deductible is an amount you pay each year for eligible medical services before your insurance plan takes effect. If you don’t have any Medicare supplemental plans, you will be forced to pay for medical expenses such as bills for hospitalization, surgery, scans, lab tests, anesthesia, medical devices, etc.
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Emergency care nationwide
Standard Medicare supplement plans C, D, F, G, M, and N, provide foreign travel emergency health care coverage when you travel outside the U.S if it begins during the first 60 days of your travel. The policy can also pay up to 80% of the billed charges for a medically necessary care outside the overseas after you meet a $250 deductible for the year. Always talk with your insurance carrier before traveling overseas to get more information about your Medigap coverage while traveling.
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Benefit period
Medicare supplement plan may cover hospital costs and skilled nursing facility care after you run out of Medicare-covered days. For instance, if you have used your 90 days of hospital coverage but your still unwell and need to stay longer.
While Medigap policies sold after January 1, 2006, are not allowed to include prescription drug coverage, you can now enroll in a Medicare prescription drug plan (Part D) offered by a private insurance company that has been approved by Medicare.
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!