Medicare Supplements

In order to help fill gaps, Medicare Supplements are provided as an option. No matter the insurance plan, it is nearly impossible to provide every type of coverage and at an affordable rate. Original Medicare does provide a solid foundation and great coverage for hospital expenses, but there are other areas that it is lacking in. One example is that even though it covers some of the costs, there could be instances where policyholders are still paying 20% of the total expenses. 

Medicare Supplements were created to help cover some of the costs that Medicare doesn’t cover such as deductibles, co-insurance, and copayments. There are also additional services that are offered that aren’t found under Original Medicare. The way the process works when you are using the insurance is quite simple. When a qualifying expense occurs, Medicare will pay its portion first, then Medicare Supplement Insurance will kick in and pay its portion. Then if there is anything leftover at that point, then the beneficiary would be responsible for the remaining balance.

In order to keep policies consistent across all geographical locations, Medicare Supplements are sold in plans that range from A through N. Each plan must meet state and federal laws that are used to keep consumers protected from policy fraud. All of the plans are also standardized and offer the same basic benefits regardless of where the agency or beneficiary is located. Since the coverage is the same, choosing a provider with a good reputation is all the more important.

Another difference you may notice from plan to plan is the price in premiums. Depending on where you are located a certain policy could be more expensive or cheaper than other states. However, regardless of price, the coverage will remain the same. Also, none of the standard Medicare Insurance plans will cover the following:

• Hearing Aids
• Prescription Drugs
• Long-term care such as help bathing, eating, dressing, or using the bathroom
• Eyeglasses
• Vision or dental care
• Private-duty nursing

They will all, however, help cover costs for Medicare Part A, Part B, Blood, Preventive Care, and Hospice. Along with these benefits, several plans have additional coverages and cost-saving measures. Some of these include Part A and Part B deductibles, skilled nursing home costs, Part B excess charges, and foreign travel emergency care.