Supplemental policies can be purchased to cover deductible and co-pay amounts connected with a person's health insurance. When an individual switches to Medicare during the senior years, supplemental policies are available for this coverage as well. The supplement also covers certain expenses when the total exceeds the maximum allowed on the Medicare plan. Medicare supplement plans are known as Medigap policies.
Medigap coverage is available from private insurers only. These products are only offered to individuals with a Medicare Advantage plan that was purchased from a private insurance company. Medigap is not available with the standard Medicare offered by the federal government. Learning about both standard Medicare and Advantage plans is important before making a decision since each has particular positive aspects.
The supplemental coverage does not provide any healthcare benefits to cover those missing from the person's chosen Medicare insurance. For instance, Medigap does not cover prescription medication, dental care, or hearing aids.
However, Medigap may pay for Medicare-covered expenses beyond the limit that the policy allows. For example, Medicare Advantage plans pay at least partially for a short-term stay at a skilled nursing facility, although not for long-term care. The supplement pays for an extended stay beyond that allowed by the Advantage plan if it is not considered long-term care. Medigap also could cover a hospital stay if the patient must remain there longer than Medicare will cover.
It can be difficult enough deciding which Medicare options to choose, and the supplement adds another layer of complexity. For example, Medigap Plan G costs less than Plan F, but Plan F is more comprehensive. Plan F pays the Medicare Plan B deductible whereas Plan G does not. Seniors who can afford the deductible amount may be better off choosing the less expensive option. In some cases, Plan F premiums are higher than the person's Medicare deductible amount.
Another option is known as Plan N. This one has lower premiums than Plan G but is even less comprehensive. Other options previously were available but have been phased out except for consumers who were already enrolled.
Independent agents and representatives of insurance companies offering these financial products are happy to answer questions from people needing to decide on medical coverage during their senior years. The various features of different programs can be perplexing. Clearing up any confusion is essential for making the best choice for a person's own situation.
For more information, contact a company like Franklin Benefits Group.Share
25 May 2021
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