You may be wondering why you would need a Medicare supplement plan. After all, isn’t Medicare supposed to pay all the healthcare costs for seniors? The truth is, Medicaid coverage does not provide many of the costs of your health care. If you have a serious illness, the cost of the services that Medicare does not pay for could cost you several thousand dollars. To make sure you have the proper health care insurance when you need it, you should talk to an insurance service that specializes in Medicare supplement plans.
Medicare supplement plans are also sometimes called “gap coverage,” meaning that this insurance “fills in the gaps” of what Medicare does not pay. Some of these costs that Medicare may not pay for include deductibles, co-insurance, co-pays and some forms of additional coverage. Many seniors have a limited income, so this supplemental coverage becomes very important when making sure the have proper healthcare.
One important healthcare expense, that some of these supplemental plans pay for, is prescription drug coverage. Drugs are expensive and patients who are prescribed several different types of medicine could end up spending thousands for prescription drugs. These supplemental plans can be added to the original Medicare policy. This is one less expense seniors who are having financial difficulties have to worry about.
Medicare supplement plans cover only the policy holder. What this means is that a married couple needing supplemental Medicare coverage needs to purchase two separate policies. Most Medicare supplemental plans provide the same time of coverage, although the prices may vary. You should shop around for the policy that provides the most services for the best price.
There are some eligibility requirements for these plans. You must either be 65 or turning 65 within the next three months or be within a Medicare open enrollment period. Generally, open enrollment options are available within the first six months after you become eligible for Medicare.
You should also be aware that there are some exclusions to health care that supplemental policies do not pay for such as nursing home costs, dental care or hearing and vision care costs. In some cases, you can add coverage for these items as an endorsement to you policy. Health care costs are rising and you need to make sure you have the coverage you need. Talk to an insurance provider to find out which Medicare supplement plan best suits your health care needs.
