by Kristin P. Sinclair – A Accu Tax – February 1, 2018
Medicare Supplements are policies sold by private insurance companies designed to pay many of the health care costs not covered by Original Medicare. Some Medicare Supplements will feature additional benefits; these are value added features. Gym memberships, fitness opportunities at the local gym, or training at home with self directed memberships, plus optical and pharmacy discounts. Some Medicare Supplement plan designs have coverage for Foreign Travel emergencies. Emergency foreign travel expenses may be covered with certain plan designs.
Medicare Supplements are also known as MediGap policies. These plans help to fill in the gaps in Original Medicare. Medicare does not cover all of your medical costs. You can choose a Medicare Supplement to help fill some of these gaps. Medicare offers coverage for medical care that is medically necessary, your Medicare Supplement offers coverage for items that are medically necessary based upon the plan design you select. Medicare supplement Plans include: A, B, C, D, F, HDF, G, K, L, M, N.
Medicare Supplement plans are standardized plans. Which means the Federal Government has determined that plans with a particular letter designation will have a set of defined coverages. No matter which insurance company offers the product – the plan is identical. Once you have selected and accepted your Medicare Supplement Plan, then you will have your premiums applicable to your selected plan. You pay your premiums and you can keep your Medicare Supplement plan as long as you pay the applicable premiums for the coverage you have selected. The policy renews and can not be canceled unless you chose to cancel the policy. You can travel through out the USA and not worry about networks. This means you can normally receive care from any doctor and any medical facility that accepts Medicare.
When you have a Medicare Supplement you should also have a separate Prescription Drug Plan (PDP). Please note that Medicare Supplements also known as Medigap Plans normally do not cover the prescription medications which would be covered by stand-a-lone PDPs. These PDPs normally cover both Name Brand Rx drugs and Generic Rx drugs. If you have VA Benefits, then probably only will have coverage for your Generic Rx drugs.
Original Medicare alone is not enough coverage to protect your financial interests from health care costs. Let us help you find the Medicare Supplement that can help you with those costs today and tomorrow.
Updated in Charlotte NC and Charleston SC
by Kristin P. Sinclair A Accu Tax – Rock Hill SC
(803)329-0615 February 1, 2018
KPS: More information is also available at Medicare.gov