Medicare covers many different healthcare services, but it does not always cover them in full. You may be left paying some costs out-of-pocket. Over time, these out-of-pocket expenses can add up. A Medicare Supplement Plan is a type of plan offered by private insurers to help cover these out of pocket expenses. Learn more about how to qualify for a Medicare Supplement Plan below.
Requirements to Purchase a Supplement Plan
Purchasing a Medicare Supplement Plan is generally easy, but there are a few requirements you should be aware of first. In order to purchase a supplement plan, you must first enroll in Medicare Parts A and B. These are the basic parts of Medicare that cover inpatient and outpatient services. Medicare Part A is free to those who have paid 10 years of taxes, but Part B has a monthly premium. Medicare Supplement Plans also have a monthly premium, so expect to pay at least two monthly premiums if you decide to purchase a Medicare Supplement Plan.
How to Purchase a Plan
Medicare Supplement Plans are offered by private insurers. This means you can purchase them as you would any other private insurance plan. There are many different companies offering many different plans. For this reason, using an insurance agent to help navigate these plans can be helpful.
Medicare Supplement Plans are slightly different than the usual private insurance plans. These plans have to follow ten templates set forth by federal and state governments. Choosing the right company and templated plan can be difficult. An agent can help guide you through these choices.
What Medicare Supplement Plans Cover
You may be wondering whether Medicare Supplement Plans are worth the extra premium. While they may cost you more money per month in the short run, many people find that they save them money in the long run. Medicare Supplement Plans cover extra costs. Medicare Supplement Plans can cover:
- Medicare Part A Coinsurance and Hospital Costs
- Medicare Part B Coinsurance and Hospital Costs
- First 3 Units of Blood
- Skilled Nursing Facility Care Coinsurance
- Part A Deductible
- Part B Excess Charges
- Foreign Travel Emergency
Not all plans cover all of these costs equally. Each template covers each expense to a certain extent. Check out our information on Medicare Supplement Plans on our site. As always, contact us for any insurance questions today.