Facts On Medicare Supplement Plans

Medicare is a federal health program usually set up by the government for people who are 65 or older, certain young people with disabilities, and people with end-stage renal diseases like a permament kidney failure requiring dialysis or a transpalnt, sometimes called ERSD. There are different parts of medicare which helps to cover specific plans:

Medicare Part A (Hospital Insurance) : This covers hospital stays, care in a skilled nursing facility, hospice care and some health care.

Medicare Part B (Medical Insurance) : This covers certain doctor services, medical supplies and preventive services.

Medicare Part C ( Medicare Advantage Plans) :  This a type of medicare plan which is offered by a private company that is in contract with Medicare. This Medicare part covers both the benefits of part A and Part B. Some of these benefits include:

  • Health Maintenance Organisations
  • Preffered Provider Organisations
  • Private Fee-For-Service Plans
  • Medicare Medical Savings Account Plans
  • Special Needs Plans

Medicare Part D ( Prescription Drug Coverage) : This part covers:

  • Original Medicare
  • Some Medicare Cost Plans
  • Some Medicare Private-Fee-For-Services Plans
  • Medicare Medical Savings Account Plans

These listed plans above are usually offered by insurance companies and other private companies approved by Medicare i.e these plans cannot be provided or supplied to consumer if the companies involved have not yet been approved or certified by Medicare. Some Medicare supplement  plans also helps  pay for some emergencies or unseen circumstances which the original medicare does not cover such as some emergency travels etc.

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To qualify for Medicare Supplement plans, you would need to be enrolled or admitted into the Original Medicare for hospital and medical coverage. Medical Supplement Plans are not built or created for stand-alone benefits. Medical Supplement Plans work differently in different places or states. This is done to enable them to standardize their plans differently from the rest of the country. Companies that sell medicare plans are not required to sell all types of plans but all insurance companies that sell medicare plans are required by law to compulsorily offer Medigap Plan A, it must also offer Medigap plan c in addition to any other plan it would like to sell.

As a medicare beneficiary, you may also be enrolled in some other types of coverages, it could either be by medicare program or other sources such as an employer.  When you first sign up for original Medicare, you would fill out a form called the Initial Enrollment  Questionnaire and you also would be asked if you have other types of insurance. It’s important to include all types of coverage you have in this questionnaire. Medicare always uses this information when deciding who pays first when you receive health-care services.

Facts About Medicare Plans

  • A Medicare plan can only cover one person i.e if you are married, you and your wife would have to get seperate medicare supplement plans.
  • Not all Medicare plans can be available in your state.
  • You can generally use your Medicare supplement plan with any provider that accepts Medicare.
  • In general, Medicare Supplement Plans are guaranteed renewable as long as you continue to pay your premium.