What is Medicare Supplement Insurance?
Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over. Medicare provides health coverage with a host of benefits, but it doesn't cover everything. Medicare Supplemental Insurance, also known as Medigap insurance, is designed to cover the medical and health care costs that are not covered or only partially covered by Medicare. Medicare Supplement Insurance is not part of the Medicare system but is written by private insurance companies and is available to anyone who is already enrolled in Medicare.
What are the features of Medicare Supplement Insurance?
Medicare Supplemental Insurance pays for expenses not covered by Medicare, such as deductibles, copayments, blood tests, coinsurance, short-term nursing facility care, preventative care not covered by Medicare, and travel emergency insurance. Also, medigap does not offer coverage for long-term care expenses such as nursing home extended stays and home health care, vision, dental, hearing, private nurses, and eyeglasses.
There are different levels of coverage offered, denoted by the letters in the policy name such as Medigap A or Medigap B. The coverage levels range from A through L and each policy offers more coverage than the one before it as you run down the alphabet, with policy A having the least amount and policy L having the greatest amount of coverage. In other words, policy C has more coverage than policy B which has more coverage than policy A. These policies benefits are standardized by government regulation, so the primary difference between policies of the same class (A through L) is the insurance company and the cost.
When is Medicare Supplement Insurance not appropriate?
If you are enrolled in the Qualified Medicare Beneficiary (QMB) program or you join a Medicare Advantage Plan then you do not need Medicare Supplement Insurance. You can check with your local County Department of Job and Family Services to see if you are eligible for the QMB program.
Is Medicare Supplement Insurance right for me?
Medicare Supplemental Insurance is a great option for people who want to protect against the rising costs of health care expenses and cover the gaps that are not covered by Medicare. If you are already enrolled in Medicare parts A and B, then you should consider a Medicare Supplement Insurance policy to help protect you and your families financial security against the increasing costs of health care.
Your Puritan Life Representative is available to review your current policy needs. Call today to schedule an appointment!