Medicare supplement insurance, also known as Medigap plans, is private health insurance that supplements Original Medicare (Part A and Part B). It covers approximately 20% of the costs that Original Medicare does not.
This is a great option for those who like the idea of Original Medicare, but want to have a few more of their healthcare costs covered. It also helps cover some costs that Original Medicare does not, like deductibles, copayments, and coinsurance.
The best way to find a good medicare supplement plan is to work with a professional agent who can help you make the right decision for your needs and budget. This will ensure that you are getting a high quality insurance product, and one that meets your specific healthcare needs.
There are a variety of different Medicare Supplement plans, and the benefits are standardized so that they all offer the same coverage. This allows you to compare rates and plan features easily, and ensures that your policy will cover what you need.
Benefits that are available under a Medicare supplement include:
Skilled nursing facility (SNF) coinsurance
When you need a hospital stay, you may be paying for your entire stay up to 90 days. This benefit will kick in to cover the cost of these additional days once your Medicare Part A coinsurance has run out.
Medical services outside of the United States are not covered by Original Medicare. This is why it is important to have a Medicare Supplement to protect you from the cost of traveling.
Emergency room and hospital care Visit us can be costly, and it is vital to have the proper protection in place so that you don’t have to worry about not having access to medical coverage when you need it most. The team at Burchfield Insurance can help you understand how a Medicare supplement works and find the right one for your needs.
Hospital and SNF coinsurance
While you’re in the hospital, there are many expenses that can be very expensive. These include the costs of medicines, medical equipment, lab tests, and even your room and board. Without a Medicare Supplement, these costs can quickly add up to thousands of dollars.
The best Medicare Supplement policies will provide you with a guarantee of renewal, so you can never be turned down due to pre-existing conditions. This is a major advantage over most other private insurance policies, and you don’t have to worry about being dropped for life if you ever get sick or injured.
You should also check if the plan covers excess charges for Medicare Part B. These charges are sometimes a big surprise when they pop up, and can be quite expensive.
All Medigap plans have been standardized since 1990, and you should always compare costs between insurance companies to find the one that is the most affordable. This will save you money in the long run, and ensures that you are receiving the best value for your hard-earned cash.