Do you have Medicare Supplemental Insurance?
TweetMedicare is a federally funded health insurance plan that is available for those who are 65 or older and Medicare eligible. Original Medicare coverage is divided into two parts. Part A is hospital insurance and for those who are eligible and covered by Social Security can enroll without a charge. However if you are not covered by Social Security, you must pay part of the premium. When you apply for Social security, you automatically apply for Medicare. Medicare Part A helps cover inpatient care in hospitals and skilled nursing facility, hospice, and home health care. Medicare Part B is a medical insurance program covering physician and specialist charges. It also helps to cover some preventive services to help maintain your health and to keep certain illnesses from getting worse. Part B is optional if you are eligible for Part A but in order to take advantage of Part B, you must pay a monthly premium.
Unfortunately Original Medicare does not usually provide adequate coverage for all. The expenses that are not covered by Medicare can be covered by a Medicare Supplemental Plan, or Medigap. Medicare Supplemental Plans are designed to supplement Original Medicare and are provided by private health insurance carriers and can help to cover expenses such as coinsurance, copayments, and deductibles.
You may be able to choose from up to 12 different standardized Medigap policies. Medigap policies must follow Federal and State laws. Each plan, A through L, has a different set of basic and extra benefits depending on your health care needs but each policy must offer the same basic benefits no matter which insurance company sells it. However, Medigap policies do not cover long-term care, vision or dental care, hearing aids, eyeglasses, and private-duty nursing.
What you need to know to buy a Medigap policy
- You must have Medicare Part A and Part B
- You pay a premium for your policy to the private insurance carrier
- As long as you pay the premium, your insurance company can’t cancel your Medigap policy.
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