
What Are Medicare Excess Charges?
Medicare excess charges are one of those complicated Medicare topics which tends to raise questions for potential Medicare Supplement plan enrollees. Read on to find out what you
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
Medicare excess charges are one of those complicated Medicare topics which tends to raise questions for potential Medicare Supplement plan enrollees. Read on to find out what you
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
If you are reaching your Medicare eligibility date, you may be asking yourself, “what is a Medicare Supplement plan?”. Medicare Supplement plans are optional policies that you can purchase to fill in the gaps left over by Original Medicare. These plans are offered through private insurance companies and, in certain situations, can help you save in the long run by eliminating potentially exorbitant medical expenses.
However, the price of a Medicare Supplement Insurance plan depends on many factors. You should do your research or check with a licensed insurance agent before deciding whether or not a Medigap policy is the right choice for you.
What your Medicare Supplement Insurance plan covers depends on the plan that you choose. However, the standardized Medigap policies in most states will at least cover Part A hospitalization costs for up to a year after your benefits are used up. Additionally, all plans cover at least some portion of your Medicare Part B copayments and coinsurance expenses.
On top of this, plans can cover various other out-of-pocket expenses that Original Medicare doesn’t cover, such as:
Medigap policies DO NOT COVER:
Medigap policies also don’t cover any Medicare prescription drug benefits, so you will have to get a separate Medicare Part D prescription drug plan if you want help paying for your medications. If you are interested in enrolling in a plan that covers the benefits listed directly above, you may want to consider looking into the coverage offered by Medicare Advantage plans.
Medicare Supplement Insurance plans are only compatible with Original Medicare. This means that you cannot be enrolled in a Medicare Advantage plan and a Medigap policy at the same time.
If you want to sign up for a Medigap plan, you must first be enrolled in Medicare Part A and Part B. You will also have the option to enroll in a separate Part D drug plan, as Medigap policies don’t offer prescription drug coverage.
Perhaps you aren’t sure whether or not purchasing Medigap coverage could be beneficial for you. Or maybe you would like to learn more about which plan would best fit your needs. Reach out to an experienced insurance agent here at Medicare Plans Direct for a free consultation regarding your Medicare Supplement Insurance options.
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