Medicare Supplement Plans are a type of policy that can be added to Original Medicare coverage. When you enroll in a Medicare Supplement Plans, it will cover the gaps in the Original Medicare plan. If you are eligible for Medicare due to your age or disability, you are eligible for Medicare Supplement Coverage.
A lot of seniors are not aware of their options when it comes to choosing between these plans and making decisions on their own is not advised. Consider consulting with an insurance agent who has experience working with seniors to make sure you get the best coverage for what your needs may be.
What are the benefits of Medicare Supplement Plans?
Medicare Supplement Plans help to fill the gaps in Original Medicare. If you’re eligible for Medicare and you don’t purchase a supplement plan, then you will be responsible for all costs not covered by Original Medicare. You can’t enroll in a Medicare Supplement Plan once you turn 65.
The only exception is if you experience a new disability or become eligible for Medicare because of a disability and choose to sign up within two months of becoming eligible.
Why do seniors require Medicare Supplement Plans?
Medicare supplement plans are required for seniors for a few reasons. The first reason is that Medicare does not cover everything. Medicare covers 80% of your medical costs but most people will need more than 20%. You may also want to consider a Medicare Supplement Plan if you have a chronic condition, such as cancer or diabetes, and it will require intensive care.
For example, if you have cancer and need chemotherapy treatment or radiation therapy, these treatments can be very expensive without coverage from a Medicare supplement plan.The second reason that seniors may want to consider a Medicare supplement plan is because Original Medicare does not cover as many services as many other private insurance plans. In Original Medicare, you cannot use your plan at any hospital or doctor outside of your network.
Original Medicare also excludes coverage of certain benefits, such as hearing aids and dental care. With an additional plan, you can still use your doctor outside of your network and get the benefits that were not covered in Original Medicare.
Lastly, seniors who live in areas where there is only one doctor available in their area will need a supplement plan if they wish to continue seeing that doctor. This is because doctors must join networks with certain health care providers so they may not be able to see patients outside the network unless they have a Medicare supplement policy or some other type of supplemental insurance.
How can you find the right plan for you?
Different Medicare Supplement Plans will have different coverage limits. Some plans will cover more than others, so it is important to thoroughly review your options before deciding on what plan to choose.
Conclusion
Medicare Supplement Plans should be an important consideration for seniors who want to feel confident that they are covered should the need arise. There are many different plans to choose from, so it is important to find the plan that best suits your needs.
