Medicare Part A and Medicare Part B are wonderful insurance plans to have, but they do not pay for all your medical expenses. This is where a Medicare supplement plan, also known as Medigap, would benefit a senior. Not to be confused with original Medicare, a Medigap insurance policy would be acquired from a private insurance company similar to the insurance company one had before turning 65. The Medicare supplement insurance policies help cover the expenses not covered by Medicare, such as copayments, coinsurance and yearly deductibles.
Medicare does not cover any health issues which may develop on foreign shores or Medicare Part B excess concerns. Medicare Part A and Medicare Part B will pay 80% of your medical expenses, so there will be 20% left that will be your responsibility. A Medicare Supplement Plans 2018 policy will take care of your 20% medical bills. In order to get a Medicare supplement plan, one must have Medicare Part A and Medicare Part B. This will enable a person to choose one of the many plans available. If one has a medical disability, they might have Medicare and depending on where they live, might be able to get a Medicare supplement plan. This will all depend on the state where one resides and their regulations, so one will need to check their states insurance office.
One must also be aware that Medicare Part A and Medicare Part B do not cover drug prescriptions, long term care, vision, dental or hearing aids. There are separate Medicare Part D plans to help with the drug prescriptions, that one may purchase, in addition to Medicare Part A and Medicare Part B. One must have Medicare Part B to be able to get a Medigap insurance policy. As said before, as long as you have Medicare Part A and Medicare Part B they will pay the 80% of your medical expenses. Medicare supplement plans will pay the 20% left. There are many plans to choose from and one really needs to study and determine which plan will meet their medical needs. Some will even pay the Medicare Part B deductible which might be a beneficial element to one’s budget. The Medicare supplement plans are all standard, but the premiums offered will depend on what state you reside in and this can be a crucial part of your choice of a Medicare supplement plan.