Medicare Supplemental Insurance is a policy to cover those gaps in Medicare coverage so that you are protected from having to pay for care in certain instances where Medicare won’t cover you. Also known as MediGaps, these include copayments, coinsurance and various deductibles, depending on what medical needs you may have. However, there are a number of important things you should know about Medicare Supplemental Insurance before you set up a policy for yourself:
- You are still in the Medicare Program and you still receive the same rights and protections in the Medicare program as you did before you set up this Medicare Supplemental Insurance Policy.
- You can only join a plan at certain times during the year. This will vary from plan to plan so it is important to know exactly when you can join one and when you can’t.
- You can check with the plan before you get a particular service to see if it’s covered and what the costs may be if it is or isn’t. This is incredibly helpful for people who may have pre-existing conditions or have concerns about health problems they may have in the near future.
- Most plans will allow those with pre-existing conditions to sign up for their plans, with the exception of a few conditions, namely End-Stage Renal Disease.
- You must follow the specific rules of your medicare supplemental insurance plan, like getting referrals from specialists to avoid the added cost and using specialists within your plan’s network. Each plan is different so it’s important to check with the plan before each treatment or doctor’s visit. If you go to someone outside of network, there is a good chance you will not be covered at all.
- Out of pocket expenses are usually capped with a limit for how much each policy holder has to spend per year. Once this limit is reached, you will not have to pay anymore out of pocket for the rest of that year. However, these limits can often change at any time.
- These Medicare Supplemental Insurance plans can’t charge more than original Medicare would charge for services like chemotherapy, dialysis or skilled nursing facility care.
Companies with some of the best Medicare Supplemental Insurance plans.