Finding supplemental coverage for your medical costs is important in order to get the comprehensive treatment you need to maintain an active and fulfilling lifestyle. With the costs of health care on the rise, many seniors have turned to Medicare supplemental insurance to expand their options without compromising their personal finances. Instead of paying out of pocket for copayments or coinsurance, you can cover copays for doctor visits, procedures or therapies with supplemental insurance.
Finding a competitively priced policy is fast and convenient when you use the internet to guide your search. With online access to our free search features, you can receive quotes from several of the leading Medicare supplemental insurance providers on a policy that fits your lifestyle. With a comprehensive, affordable supplemental insurance plan, you don't have to go without the care you need for the sake of your budget.
Senior Health Care Basics
At the age of 65, you become eligible for federally subsidized medical benefits through Medicare. You may qualify for Medicare coverage at a younger age if you have certain physical disabilities or if you have End Stage Renal Disease. This federal program includes two basic parts: A and B. Part A covers hospital care and skilled nursing or rehabilitation following an injury or illness. Part B covers outpatient care, preventive screening, hospice and home health care. Part D covers the cost of certain prescription medications.
Although the treatment you receive under this federal program is very extensive, you'll find that many services are not fully covered. If you need to see a specialist, have a diagnostic exam, undergo a surgery or have a particular type of therapy, you may end up paying for all or part of these services out of pocket. Many seniors choose not to have these treatments at all, because the cost is so high. Supplemental insurance can make up for the difference between the percentage of your care that is covered and the percentage that is not covered.
There are a number of plans that can supplement federal benefits. Medicaid, a program sponsored by state governments, helps seniors with a low income supplement their Medicare coverage, but services covered by Medicaid are limited. Supplemental insurance is available for veterans through government-sponsored programs, but only seniors who have served in the military and their families can qualify for this form of coverage.
Private, Medicare approved insurance companies have taken over many of the supplemental health care needs of seniors by offering flexible, competitively priced plans that help you pay for procedures, therapies and medications that are not fully covered under federal benefits. These private plans take over where Part A and Part B leave off. When you receive inpatient or outpatient treatment, Med A or B will be billed first, and your Medicare supplemental insurance will be billed second.
Finding Supplemental Insurance
In order to qualify for this type of coverage, you must have Medicare Part A and B. Finding affordable Medicare supplemental insurance is more convenient when you shop for policies online. With access to the internet at home, you can search for a policy with competitive premiums that offers the protection you require to stay healthy and active. In a few easy steps, you can request quotes from multiple providers and receive the financial information you need to choose a policy with confidence.
Medicare supplemental insurance can cover copayments, coinsurance costs and deductibles, saving you a significant amount of money on your out of pocket costs for treatment. When you shop for a policy, you'll find that prices vary from one insurer to another, and from one plan to the next. The more extensive your benefits, the higher your premium will be. Your age, income, health status, geographical location and other factors may also affect the pricing of your plan.
When you buy a policy, you will pay a monthly premium in addition to your premium for Part B. Certain services and treatments are excluded under supplement plans. Long term care, skilled nursing facilities and hospice may not be included in your benefits. Prescription drugs must be paid for by a Part D policy.
During the first six months after you become eligible for federal benefits, you may qualify for medigap insurance without going through underwriting. Depending on the laws in your state, you cannot be turned down during this time, known as the open enrollment period. After open enrollment, you may still apply for a policy, but your coverage may be more affordable and you may have more options if you enroll during the open eligibility period. In your search for a policy, look for a reliable, trusted insurer with a strong reputation for helping seniors find access to health care.
- Can cover prescriptions
- Limits out of pocket costs
- Covers Medicare gaps
- Many policy choices
- Low premiums
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Edward J, Boise ID
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