5 Questions About Medicare Supplement Insurance


Are you eligible for Medicare but not sure if it provides enough coverage for your needs? You may need a Medicare supplement insurance plan. Here are a few questions about these plans that you should know the answer to. 

What Is Medicare Supplement Insurance?

Many people find that Medicare has gaps in its coverage that can be problematic for those that use it. A Medicare supplement insurance plan is designed to fill in those gaps by providing additional coverage. It is provided by private insurance companies rather than the government, and it helps lower the cost of things like deductibles and coinsurance so that they are more affordable. 

Many people assume that supplemental insurance replaces their existing Medicare coverage. This is not true, since it works as an addition to your existing Medicare coverage. 

Can You Purchase Medicare Supplement Insurance As A Family Plan?

You may be used to the process of buying insurance as a family, which allows spouses to be covered at a minimal cost by adding them to an existing policy. Be aware that this is not possible with Medicare supplement insurance. It will only cover an individual, with there being no way to get a discount by adding multiple family members.

Can Your Policy Be Canceled?

A common concern with health insurance is that your insurance provider will cancel your policy if you were to use it too much or end up with a serious medical condition. Thankfully, your Medicare supplement insurance policy cannot be canceled. As long as you continue to make your premium payments, you can keep your supplemental insurance policy. 

Are There Requirements For Medicare Supplement Insurance?

Medicare has coverage known as Part A and Part B. Your Part A coverage is designed to pay for your hospital care, hospice care, and even nursing home care and is free for most people due to paying Medicare taxes over their lifetime. Part B coverage is designed to pay for doctor visits, medical equipment, screenings, and wellness visits. However, part B comes at a premium that you must pay for. Be aware that you need to have Medicare Part A and Part B in order to get a Medicare supplement insurance plan.

Are Prescription Drugs Covered With Medicare Supplement Insurance?

If you are looking for prescription drug coverage, know that it is covered as part of Medicare Part D. You will pay for this coverage with an additional premium if you choose to get it, and it is not part of a Medicare supplement insurance plan. 

Contact a medicare supplement insurance provider to learn more. 

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A funny thing about insurance is that you often don't realize you need it or would benefit from it until something happens. In terms of medical insurance, this might happen after an injury or after a serious diagnosis. Rather than finding yourself between a rock and a hard place, you should consider buying medical insurance now, rather than waiting for something to happen. Navigating medical insurance jargon is not always easy, but you can learn the ins and outs with some study. We'll post some articles here that we think you'll find helpful, but there are other resources to check out, too.

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