Medicare originally is understood to be Part A, which is
hospital insurance and Part B, which is medical insurance. This original coverage allows for many but
not every medical or health related service and supply. There is insurance available, called Medigap
or Medicare Supplemental Insurance that covers expenses that are not covered
under the general Medicare Part A and Part B.
This includes things such as
copayments, coinsurances, deductibles and expenses when traveling outside of
the United States. Believe it or not the
out of pocket expenses can add up very quickly and before you know it you could
have easily paid the monthly premium of a Medicare Supplement Plan.
Many Medicare participants don’t understand exactly how
Medicare and Medigap work together.
First it should be understood that when you do choose a Medigap policy,
Medicare will still pay their approved share upfront and then the Medigap
policy pays its share of the cost.
It is best to understand that
Medigap policies are sold by
private insurance companies. The policy itself is the same no matter who sells
it however the cost to participants might change. When you buy Medigap Plan G
at one insurance company is the exact same coverage you will receive through
another insurance company. The difference being the premium you pay them to
offer you the insurance. This is one of the reasons it is so important to do
research before settling on a Medigap plan and provider.
Each plan covers a variety of services to their
participants. Below is a list of options you should look for when choosing a
Medigap policy to suit your diverse needs.
·
Inpatient Hospital Care: This piece will cover
the coinsurance for Medicare Part A not the deductible though.
·
Medical Costs: This piece will cover the
coinsurance for Medicare Part B and copayments for hospital outpatient
services. This can save a lot of money as the coinsurance amount left from Part
B is twenty percent of the Medicare approved amount.
·
Blood: Believe it or not without a Medigap
policy, blood is not covered. The right
Medigap policy will cover the first three pints of blood you need each year.
Other benefits that are included in Medigap Policies can
include a variety of services some of which are in the list below.
·
The annual hospital deductible
·
Coinsurance for skilled nursing facilities
·
The annual deductible for Medicare Part B
·
During travel abroad emergency care coverage
·
Recovery at home
·
Care not covered by Medicare
·
Excess charges from the doctor above and beyond
the pre-approved Medicare amount
If you are enrolled in the Medicare Advantage Plan you will
not purchase Medigap insurance. It is unnecessary as the items covered by the
Medicare Advantage Plan are equivalent to the items covered within
MedicareSupplemental Insurance.
If you would
like more information on Medicare and Supplemental Insurance a great online
resource is run through the government although you are not able to purchase
Medigap policies directly through the government. To purchase a policy it is
best to research insurance providers in your area that offer Medigap insurance.