All you need to know about supplemental Medicare plans

A Medicare Supplement plan covers those medical costs that your original Medicare does not cover. These include copayments, deductibles, and coinsurance. These supplement plans are alternatively known as Medigap plans as they cover the gap in costs between what Medicare covers and the actual costs. Medigap Policies do not cover eyeglasses, nursing home care, dental care, hearing aids, and vision-related care.

These Medigap plans are provided by private companies in the country. Around 90% of the people in the country have a supplemental Medicare insurance. There are 11 standard Medicare Supplement Plans that are available in 47 states in the country. However, different Medigap policies are followed by Minnesota, Wisconsin, and Massachusetts.

Is it mandatory for you to purchase a Medicare Supplement Plan?

• It is not compulsory for you to buy a Medigap insurance. However, it is important to note that it helps a lot and can make your life easier in the long run.
• When you do not have a Medicare Supplement plan, it means that you will be covering all the medical costs which are out-of-pocket. Before you know it, this can mean you have to pay several thousand dollars for your treatment.
• If you have saved up for your retirement, then you will realize that your savings will get over at a fast rate. This is why it is vital that you think about getting Medicare supplement plans to ensure that your savings remain intact and you are still able to stay healthy.
• You will reap the benefits of this in the future because you will still have savings for the rest of your life.

What are the best Medicare Supplemental Plans?

• There are various supplemental Medicare plans, such as plan A, B, C, D, F, G, K, L, M, and N. Each of these plans has its own set of benefits. Note that all of these supplemental plans cover hospital costs for an additional 1 year after your Medicare benefits have completed.
• The most popular Medicare supplement plan is Plan F. The reason for this is that this plan covers the most when compared to the other plans. It helps cover the more expensive out-of-pocket costs. Plan F covers the deductibles from Part A and B. It covers copayments and coinsurance as well for Part A hospital care along with Part B outpatient costs. It covers the Part B excess costs which can help you save a lot. Plan F has foreign travel coverage as well. This type of coverage is practically nil in the Original Medicare. This plan gives you coverage when you are out traveling the world. Plan F is the most expensive plan when compared to the other plans. But you do get to save more in the future, which should give you less stress in general.
• While some plans give 100% coverage, others give zero coverage in some areas. Hence, the coverage depends entirely on the plan chosen.
• You need to select the plans that suit your lifestyle and the one that meets your other criteria. You must think of the future. Remember that one plan is not suitable for everyone. Only you can determine the best Medicare Supplemental Plans that cater the to your needs.

When is the right time to get Medigap Policies?

• The Medigap open enrollment period starts from the time you turn 65 years old and have successfully enrolled yourself in Part B of Medicare.
• You have 6 months to enroll yourself in Medicare Supplemental Insurance. When you do so, you have the freedom to choose and join any plan you want. If you get plans after this period then you might run into problems. For example, the premiums may be higher.

Which are the best resources for determining the best Medicare Supplemental Plans for you?

• You must do comprehensive research before you choose a particular Medigap Plan. It can be tougher than you imagined, which is why you should take help.
• The Medicare website that is run by the government is a helpful resource to find the best medicare supplemental plans. You will be able to see which plans and policies are available in your area and State.
• You can visit the State Health Insurance Assistance Program. This will help you find the local office after you enter your State and your phone number.