Medicare supplement plans are extra health insurance policies sold by private companies that help pay some of the costs Original Medicare doesn’t cover, like deductibles, copayments and coinsurance. They are often called Medigap.
How to Choose the Right Medicare Supplement Plan for You
There are a variety of Medigap policies available in your area, each offering unique benefits. Before choosing a policy, it’s important to consider your needs and your budget. It’s also important to shop around and compare plans before signing up.
What is Medicare Supplement Plan A?
Medicare Supplement Plan A is a standardized type of coverage offered by private insurance companies. It covers the Medicare Part A deductible, 20% of Medicare Part B coinsurance and other costs not covered by original Medicare.
It also includes prescription drug Find out more coverage, which is not covered by Original Medicare. It also offers foreign travel emergency care, which pays 80% of the charges that Original Medicare would pay for your healthcare if you were in another country.
Does the policy have an attained-age rating?
A attained-age rating is an estimate of how much the premium will cost as you age. It’s lower for younger people and increases as you get older. It is the least expensive as a person first buys it, but may be the most costly after they reach age 85.
Does the plan include vision and dental coverage?
Most Medicare Supplement plans do not include dental or vision coverage. The only exception is for certain types of Medicare Advantage plans.
Does the policy offer a free Medicare Advantage look-back period?
A free Medicare Advantage look-back period allows you to switch to another Medicare Advantage plan without having to answer medical questions or paying a 1% fee. This is a valuable option for those who are considering joining a Medicare Advantage plan and don’t want to pay the yearly Medicare Part B deductible.
Do you have to pay a penalty for not enrolling in a Medicare Part D drug plan?
If you don’t have a Medicare Part D drug plan, you must pay a 1% fee every month that you don’t have one. This penalty is not applied if you have retiree or employer-provided drug coverage that meets the standards of Medicare Part D.
Does the policy require that you use doctors and hospitals within your network?
If you are enrolled in a Medicare Advantage plan, you usually need to use doctors and hospitals within your plan’s network. This can be a good way to save money, but it can also lead to more problems later on.
Does the policy cover all my doctor visits?
You can find out which doctors and hospitals are in your Medicare Advantage plan’s network by asking the provider or checking the plan’s website. If your doctor or hospital doesn’t have a contract with the plan, you will need to pay more for your care.
Does the policy cover all my out-of-network charges?
Some Medicare Supplement policies have different out-of-network limits. They can vary by plan, so you need to ask your agent or the insurance company if there are specific limits on out-of-network services.