‘Can I afford supplemental Medicare insurance?’ is the most common question asked by those who are in search of the Medicare plan.
- Supplemental Medicare Insurance:
Medicare Supplement and Medigap are the best options to fill the coverage gaps in Original Medicare, like deductibles, coinsurance, co-payments and overseas emergency health coverage. But for all of these, you have to pay from your own pocket.
With the supplemental medical insurance plan, you can make use of any provider who accepts Medicare. Original Medicare covers about 80% of your medical costs and the remaining 20% includes your basic health check-up for which you have to go for other supplemental plans.
- Supplemental Medicare Insurance: Coverage
There are basically 10 types of Medicare Supplement Plan available. Each of these Medicare plans offers a different level of coverage.
These plans are organized in such a way that those which are of same level will offer the same benefits. It does not matter from which insurance company you have purchased the plan. For example, Plan A in Florida will cover the same benefits as Plan A in Dakota.
- Supplemental Medicare Insurance: Cost
It is true that the private insurance companies offer the same benefits for the same level of plans. But the fact is that these companies are allowed to have variable premium costs for such coverage.
So, in order to choose an affordable plan, you must shop around to choose such a Medicare Supplement Plan. The insurance companies decide the cost considering the following factors:
- Community-based Criteria
- Enrolled Age Rate
- Attained Age Rate
- Supplemental Medicare Insurance: Eligibility
To enroll in Medicare Supplement Plan, you must be already enrolled in Medicare Part A and Part B.
Depending upon the area you live in, the private insurance company policies vary. In order to know whether you are eligible for the Medigap coverage, you must contact your state insurance department.