Will Supplemental Insurance Cover What Medicare Does Not?
Your first thought may be do you need to put on a "thinking cap" concerning the various supplemental insurance plans offered? Well, not really. But the knowledge put forth in this article will clear up a lot of scuttlebut floating around that may have you scratching your head or calling your older brother for help.
What Does Medicare Cover That Supplemental Insurance Won't?
Medicare supplemental insurance, also known as Medigap policies, are sold by private insurance companies as an adjunct to what is offered in the original Medicare Parts A and B. Typically, Medicare covers about 80 percent of any health care services provided. Ergo, you're stranded in a small boat without a paddle on the remaining 20 percent unless you fill that gap by paying the remaining void.
Okay. I'll Have Some Out-Of-Pocket Expenses For Supplement Insurance; What Are The Plans?
First, you should be aware that all supplemental insurance plans are overseen by the Federal Government and these companies who provide supplemental or gap policies to cover that marginal 20 percent gap, must be approved by the Feds. As of 2010, 11 Medicare supplements are available and are identified as Plans A, B, C, D, F, and high-deductible F, G, K, L, M, and N.
Those Sound Like Letters I learned In The First Grade!
Hopefully, yes. These plans all have different benefits and difference prices. You'll be able to purchase any of the 11 supplemental insurance plans you want and the issuing company cannot refuse to sell you a policy even if you have a pre-existing condition, but you must make the correct selection when you turn 65.
Yes! Make the right supplemental insurance choice the first time.