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An Introduction to Medicare Supplement
Medicare Supplement, also known as Medigap, is a supplemental insurance product designed to help cover some of the costs that aren’t covered by Original Medicare. In the United States, Medicare is the government-funded health insurance program designed to help those over 65 who are no longer employed or those who are disabled. Original Medicare consists of Part A (hospital insurance) and Part B (medical insurance). There is an additional cost for these services, which is where Medicare Supplement comes in.
Costs Covered by Medicare Supplement
Medicare Supplement policies are designed to provide additional coverage for costs not covered by Original Medicare, such as copayments, coinsurance and deductibles. With Medicare Supplement, you can reduce out of pocket expenses for medical and hospital services. Other benefits of Medicare Supplement includes:
- Coverage for prescription medicines.
- Coverage for medical supplies.
- Coverage for preventive care, including annual check-ups and screenings.
- Coverage for hospice care.
Types of Medicare Supplement Plans
There are 10 different types of Medicare Supplement plans, each providing different levels of coverage. Medicare Supplement Plan F is considered to have the most comprehensive coverage, while Plans K, L and N offer more basic coverage. Medicare Supplement plans are sold by private insurance companies, so you will need to compare different plans to find the one that best fits your needs.
Frequently Asked Questions About Medicare Supplement
Q: How do I know if I qualify for Medicare Supplement?
A: To qualify for a Medicare Supplement, you must be enrolled in both Part A and Part B of Medicare. If you are under 65, you may be eligible if you have a medically disabling condition or if you meet certain requirements.
Q: Can I use Medicare Supplement in any state?
A: Yes, Medicare Supplement plans are available in all states.
Q: How much do Medicare Supplement plans cost?
A: The cost of Medicare Supplement plans can vary depending on the type of plan and other factors, such as age and location. To get an estimate of how much a specific plan will cost, you should contact the insurance company that offers the plan.
Medicare Supplement is a supplemental insurance product designed to cover costs not covered by Original Medicare, such as copayments, coinsurance and deductibles. Medicare Supplement plans are available in all states and can vary in cost depending on the type of plan and other factors. To get an estimate of how much a specific plan will cost, you should contact the insurance company offering the plan.
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