Medical Supplements Insurance 101: Coverage And Cost

​Even if your Original Medicare pays for your healthcare services, you are still responsible for out-of-pocket expenses that can quickly add up. With Medicare Supplement Insurance (Medigap), you should be able to cover some of the healthcare costs that your Original Medicare does not cover, such as:

• Deductibles
• Premiums
• Coinsurance
• Prescription drug cost

What Are Medicare Supplement plans?
In addition to Medicare policies, Medicare Supplement Insurance is a type of health insurance policy offered by private insurance companies. This type of insurance policy covers the costs of healthcare services that are not covered by Medicare Parts A and B.

What Do Medicare Supplement Insurance Cover?
If you have Original Medicare and decide to purchase a Medigap policy, it should cover the following:

• Medicare Part A coinsurance 
• Medicare Part A hospice coinsurance 
• Medicare Part B coinsurance

Also, if your Medicare benefits have expired, Medigap should provide you with another full year of benefits. 

What Does Medicare Supplement Insurance Not Cover? 
Listed down below are some of the services the insurance doesn't cover:

• Hearing aids 
• Eyeglasses 
• Vision care
• Dental care 
• Long-term care

How Much Does Medicare Supplement Insurance Cost?
If you're shopping for Medicare Supplement Insurance, you probably discovered how difficult it is to determine how much the plan can cost. That's because there is no simple answer to that. Medicare Supplement Plans may range anywhere from $50 to $300+ monthly. And these rates can differ for each beneficiary due to several influencing factors, such as:

• Age (Issue-age/attained-age rated) 
• Location (Zip Codes) 
• Gender 
• Tobacco use 
• Household discount

Prices vary depending on where you live. If you reside in Miami Gardens, it would be best to check their prices there.

Other Points you Should Know About Medigap

1. Part A of Medicare is required (Hospital Insurance) and Medicare Part B (Medical Insurance) to purchase Medigap insurance.
2. A Medigap policy only covers one person. Couples must purchase separate policies.
3. You make a monthly payment to the private insurance company. In addition to the premium for your Medigap policy, You pay a monthly Part B premium to Medicare.
4. 4. The best time to purchase a Medigap policy is during your state's Medigap Open Enrollment Period when you can purchase any Medigap policy available.

Conclusion
When purchasing Original Medicare, it's most likely that it can't provide all your needs. That's why companies offer medical supplement insurance to fill those missing spots for you to pay less while enjoying your life to the fullest. 

At Insurance Plans of America, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (877) 752-6711 or Click Here to request a free quote.  Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!