Medicare in itself can be a tricky and sometimes hard to understand concept, no matter how hard Medicare and other companies try to make it easy to understand. After learning all about Medicare, you might find that it in itself is simply not enough to take care of all your needs. So what do you do next? Is there a company out there that will help with the rest? Luckily there are a few companies that work with individuals to provide supplemental insurance. These companies, such as State Mutual Insurance, pride themselves on offering a competitively priced Medicare Supplement Insurance to those who need it. Before you purchase added insurance, let’s first take a good look at what it is and how it can help you.
What is Medicare Supplement Insurance?
Also known as Medigap, Medicare Supplement Insurance is insurance that is sold by private companies as a way to help you fill in the gaps and pay for some of the health care costs that Original Medicare might not cover. This includes copayments, deductibles and coinsurance. You’ll also find that some Medicare Supplement Insurance plans cover services that Meidcare doesn’t cover. A great example of this is medical care that’s given outside of the United States when you’re on some sort of trip or vacation. The key is to remember that a Medicare Supplement Insurance plan is not the same as a Medicare Advantage Plan.
How can Medicare Supplement Insurance work for you?
When you submit a medical claim, Original Medicare will first pay its portion of the medical expenses, then your Medicare Supplement Insurance will pay its share of the remaining medical costs. In the end, you’ll either find that you have no costs to pay yourself, or a much smaller amount. If you were to only have Medicare, then you would find that your owed portion is a lot greater.
Things to know about Medicare Supplement Insurance
Before purchasing a Medicare Supplement Insurance policy, you’ll first want to know a few key points about this type of insurance:
- You have to have both Medicare Part A and Part B.
- You can only have a Medicare Supplement plan or a Medicare Advantage Plan, not both.
- You can buy a supplement policy from any insurance company that’s licensed in the state.
- A monthly premium is required.
- It is illegal for anyone to sell you a supplement insurance policy if you already have a Medicare Medical Savings Account Plan.
- The plan is always renewable, even if you have multiple health problems. This means that no matter what, your insurance cannot be canceled as long as you continue to pay the premium assigned.
When it comes down to it, a Medicare Supplement Insurance policy, also known as Medigap, is designed to help you cover costs that Original Medicare won’t. This in turns helps you to continue health services that may not be covered in the first place.