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Medicare Supplement &
In the United States, Medicare is a well-known health insurance
program administered by the government for American employees. Medicare
is an insurance program designed for those who are over the age
of 65 and for those who fall under the category of the disabled.
Medicare Supplement Insurance is a supplement to Medicare that is
considered to add coverage to Medicare where additional benefits
may be available. Also known as Medigap, Medicare Supplement Insurance
may provide an insured further coverage for limited long-term care
expenses. The Medicare beneficiary must purchase the Medicare Supplement.
One should go for the Supplement just because there are gaps in
Medicare. In fact, Medicare was never intended to fully cover all
your medical fees. With the ever-increasing costs of prescription
drugs and other forms of maintenance, it has now become almost impossible
to manage without a supplement. Almost all leading health insurance
carriers can sell you a Medicare Supplement insurance benefits package.
Medicare supplemental insurance plans, however, have to be approved
by the government’s Department of Insurance so that no discrepancy
or any inconsistencies may occur. Different health insurance providers
offer different types of benefits; so it is a nice idea to shop
around for the insurer that suits all your needs.
When you receive comparative quotes for Medicare Supplement Insurance
rates, you should keep in mind the following things. First, policy
premiums can sometimes be extensively and incomprehensibly disparate.
Second, there are several factors, such as the number of claims
insurance companies will have to pay, that may cause significant
variation in prices. Third, you could well be paying more than double
the amount of the premium someone else is paying for receiving exactly
the same benefits. Fourth, the insurer will stick to the issue-age
method. That means, your premium will be based upon your age at
the time of purchase, and it will go up as you add another year.
And if not, the buyer of said Medigap policy pays the same price,
in spite of the age.
Let us now look at who are eligible to purchase the supplement.
As we have discussed above, a Medicare beneficiary who have Medicare
Part A and B will be allowed to buy the policy. It should be kept
in mind that Medical Supplements do not include long term care,
vision or dental care, hearing aids, private-duty nursing care,
and outpatient prescription drugs.
Medicare supplement these days is classified into 12 policies –
Medigap Plans A to L. Plans A – J are essentially the same,
and Plans K and L are similar.
The first ten, i.e., Medigaps Plan A – J have higher premiums
compared to K and L and there is virtually no out-of-pocket cost.
The basic benefits may be less than K and L, but the additional
benefits are higher, that include things like preventive care and
foreign travel emergency.
Medigaps Plan K and L have lower premiums. With these two plans,
hospice care is included in the basic benefits, and only Medicare
Part A deductible, as opposed to Medigaps A – J with an added
Medicare Part B deductible.