What are medicare supplemental insurance policies, and how can you avail of them?
Medicare supplemental insurance policies are authorized to be sold by private insurance companies, providing you added benefits over and above your Original Medicare Part A and B. The main intention is to ease your out-of-pocket expenses and help you in paying a certain percentage of your remaining copayments, deductibles, and coinsurance.
To choose, the different types of medicare supplemental insurance policies can become overwhelming for individuals. There is a distinct difference in premiums, deductibles, and payouts available under each of these policies. Some key points before investing in one include-
- They are an addition to your primary Medicare plan, i.e., Original Medicare Part A and B, provided by the government.
- Each state has a different premium plan in place that will need your attention before purchasing it. The primary benefits will remain the same; however, a few aspects may differ.
- There are a few ‘gaps’ in your Medicare plan that is often overlooked and will turn out to be a considerable expenditure if not taken care of right at the beginning. The Medigap plans take care of these costs.
- People above 65, or even young individuals with a disability, can avail of this insurance policy. The older you get, higher is the premium.
- They are named alphabetically and have specific characteristics defining what they cover and what they don’t.
- A Medigap policy does not mean the same thing as a MAP (Medicare Advantage Plan.)
To know more about medicare supplemental insurance policies, visit our website www.askhpm.com or book a free consultation with us today!