We often hear about how beneficial Medicare is, helping individuals cover the costs of expensive healthcare and medical treatments, which quickly add up and become overwhelming. But what about the gaps which are left uncovered by Medicare plans and packages?
The fact is that there is virtually no Medicare or insurance plan which covers all areas of treatment at an affordable rate. From the percentage of total expenses expected as part of an Original Medicare plan to the copayments and deductibles associated with Parts C and D, for those looking for coverage across all areas of their healthcare and medical treatment, the packages offered by Medicare do not tick every box.
That’s why Medicare Supplement Insurance exists – to cover the costs which the standard packages and plans do not include.
How Does Medicare Supplement Insurance Work?
Medicare Supplement Insurance works as an additional insurance plan designed to kick in where your Medicare coverage ends. Some of the top examples of usage include:
- Copayments, Coinsurance, and Deductibles
- Additional services not included under Original Medicare
- Medical care outside of the United States (certain policies only)
The way it works is simple: when an expense occurs which qualifies under your Medicare insurance, first Medicare itself will pay its agreed portion, then your Medicare Supplement Insurance will pay its secondary portion. Any leftover costs will fall into the hands of the beneficiary – but you cannot argue that the addition of supplement insurance lifts a large weight from the financial demands of healthcare.
For the most part, Medicare Supplement insurance policies are sold in Plans A through to N, with every state having to follow certain guidelines and standardized benefits to maintain consistency across the United States. This means for consumers that the coverage offered by any Medicare supplement insurance provider will be the same – and so their choice of provider can fall to reputation and personal preference over anything else.
How Much Does Medicare Supplement Insurance Cost?
Policies can change according to the state and provider, with some premiums costing more than others depending on locality and unique requirements. This is because supplement insurance plans are operated and sold by private insurance companies rather than the federal government, and so they are all subject to their own fees and costs.
For the most part, however, consumers can select their ideal supplement insurance safe in the knowledge that the higher the premium they pay for it, the more it will cover.
If you’re unsure whether you need supplement insurance on top of your Medicare coverage, consider the costs and get to know your policy in terms of both the coverage and the premiums you pay. You may find that while your Original Medicare plan covers 80% of any eligible healthcare costs, a supplement insurance policy can help you cover the remainder.