If your medicare coverage simply does not cover all of the medical services and supplies that you require, purchasing a medicare supplement plan can ensure that you have the additional coverage that you need to keep your out-of-pocket expenses to a minimum. Below, you will learn more about these supplemental insurance plans and what you need to know before deciding whether or not to purchase this type of insurance coverage.
Fact 1: Spouses Will Need To Purchase Individual Coverage
Currently, there is no such thing as a medicare supplement plan that offers coverage for both a husband and wife. Consequently, if you and your spouse are both in need of additional coverage, you will need to purchase two separate policies to ensure you are both covered.
Fact 2: Medicare Supplement Plans Are Federally Standardized
Unlike traditional insurance policies that can offer varying coverage from company to company, medicare supplement plans will remain the same regardless of what company you choose to purchase them from. This is because the federal government has standardized these policies so that all insurance companies must offer the same exact coverage options under each available plan.
Fact 3: You Must Have Both Part A And Part B Coverage
In order to qualify for a medicare supplement plan, you will first need to have both Part A and Part B medicare coverage. This is because supplement plans are designed to pay for the costs that medicare does not cover rather than to actually replace your medicare coverage.
If you do not currently have Part B coverage, it is important to note that there are monthly premiums associated with obtaining this coverage. These monthly premiums will be in addition to what you pay for supplemental insurance.
Fact 4: There Is A Difference Between Medicare Supplement And Medicare Advantage Plans
Many people make the mistake of confusing medicare supplement and medicare advantage plans. However, the truth is, these two insurance products offer very different types of coverage. While a supplement plan is designed to provide you with coverage in addition to your medicare coverage, an advantage plan is designed to provide you with coverage that replaces the need for medicare.
Fact 5: Your Medicare Supplement Coverage Cannot Be Cancelled As Long As You Pay Your Premiums
Medicare supplement plans are guaranteed to be renewed so long as you remain current with your monthly premiums. This means that your insurance company cannot simply cancel your coverage because of your age or any health problems that you may be experiencing. This feature is especially beneficial for those individuals who may struggle to qualify for a private insurance plan due to serious medical problems.
For more information, contact a local insurance company like Senior Care Insurance Services.
