This article highlights important features of a supplement plan and covers the benefits provided by these plans.

A Medicare supplement plan helps to pay health care cost that is not covered by original Medicare. The costs of copayment, coinsurance, and deductible are paid through these plans. These policies are sold by private companies. These plans are called Medigap. Medigap policies provide the services of health care during traveling outside the US. Medicare supplement plan work when you have the original Medicare already. Firstly the cost is covered by Medicare and then Medigap policy pays its share.

Things to know about Medicare supplement plan

• To buy a Medicare supplement plan, you must have Medicare part A and part B.
• Medicare supplement plans are quite different from the Medicare advantage plan. These plans are ways through which you get Medicare benefits while Medigap policy supplements the original Medicare benefits.
• When you buy a Medigap policy you pay a monthly premium to a private insurance company. This monthly premium is in addition to the Part B premium that you pay for your Medicare.
• Medicare supplement plan is only for one person not for a couple. If you and your spouse want a Medigap policy you will have to buy it separately.
• Medicare supplement plans are available at an insurance company having a license in any state you live.
• A standardized Medicare supplement plan can be renewed if you have a health problem. The insurance company cannot cancel your Medigap policy unless you stop paying your premium.
• Medicare supplement plan covers the cost of prescription drugs. This cost is not covered by the original Medicare plan yet.
• You are not allowed to buy Medicare supplement plan if you have a Medicare advantage plan. It can only be availed in the presence of original Medicare.
• Medigap policies do not cover long term care plans. They only supplement with original Medicare policy.

What is the Medicare supplement plan premium?

It is necessary to pay a monthly amount as a premium when you buy Medicare supplement plan. The amount is charged per month whether you use services or not. The amount of monthly premium varies from place to place. The monthly plan ranges from 70$ to 270$ per month. There are up to 10 Medicare supplement plans from letters A to N. Plans that cover more services cost more. The amount to be paid monthly is determined by the insurance company that offers the plan. This amount may vary due to geographical areas. The cost may also be determined by your age. Some plans are the same for everyone. The age when you buy the plan matters a lot. Medicare supplement plans rely on deductibles. It is an amount you have to pay before your insurance plan begins to pay. Some Medicare supplement plans pay for Medicare part A deductible. Some plans do not cover part A and part B deductibles and you will be responsible for this cost by your pocket.  

Medicare supplement plan costs

Medicare supplement plan does not cover all the Medicare cost. You have to pay your Medicare part B premium and Medicare part A premium. Medicare supplement plan covers a limited amount or coinsurance cost. If you stay in a hospital for over 365 days, you will be responsible for all the cost. You have to get a plan with an out of pocket maximum.  

Benefits of Medicare supplement plan

• A Medicare supplement plan will help you regarding health care charges. These are certain facilities that are not covered by the original Medicare plan.
• Medicare supplement plan provides you the facility of hearing and vision.
• At the age of 65, you can purchase your Medicare supplement plan. These plans are available with many choices and provide reasonable health benefits.
• Senior citizens should never face such a situation where they have to choose between medicine and other necessities. If you have a Medicare supplement plan the cost of prescribed medicine will be paid under the policy.
• A Medicare supplement plan covers the deductibles that are not paid by part A and part B of the Original Medicare.
• The additional hospital bills are paid by the insurance company.
• The supplement plan combines with Original Medicare can help you to pay all the health care costs.
• A Medicare supplement plan is available to use wherever you travel in the United States.
• If you have a Medicare supplement plan you do not need to have a referral to go and see the physician of your choice.
• A Medicare supplement plan provides you with a sense of security regarding health issues even at the age of 65.

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