Medicare supplement insurance is a type of policy offered to citizens who are above the age of 65. This can also be referred to as a medigap plan. It can also be offered to people who are under this age but have disabilities, and those with Lou Gehrig's or end stage renal sickness. When you are on this plan, most of your health care is paid for. You can purchase the policy to assist you in paying some of your medical costs that are not covered by the Medicare coverage. You do not have to get the policy if: You have a health policy through an employer or military and government retiree plans.
You already have an advantage plan coverage and plan to keep it.
A Medicaid program pays for out of pocket costs and premiums.
Before American seniors get the policy, they have to consult the carrier, to find out the benefits they have. The policy is divided into three parts that offer different services.
Part A This mostly deals with hospital coverage- it covers costs for inpatient services, professional nursing care after hospital stay, health care at home, hospice care and it also pays for all pints of blood apart from the first 3 each year.
Part B This normally deals with medical coverage. It covers the cost for all medical expenses, outpatient and laboratory services. The policy pays for 80% of the approved cost of medical expenses. This includes supplies and physicians services. Some plans also pay specific fixed payments. This also covers costs for preventive health procedures like shots, lab tests, exams and health screenings.
Part D This deals with prescription coverage. It normally covers cost for brand name and generic prescription drugs. You can get an advantage plan or stand alone policy to take advantage of this. You do not have to purchase the policy, if you belong to a group that offers drug coverage. The policy is only offered by private companies.
American seniors cannot get a number of services from the policy, such as:
Long- standing care services: although it pays for professional nursing, it does not cover custodial care like bathing, dressing, walking, eating, shopping and other day to day activities. The nursing facility is only covered for 60 consecutive days after you leave the hospital. Other services that are not covered are dentures and dental care, private nursing care foot care, cosmetic surgery, regular eye care, glasses and hearing aids, home maker services and treatment in another country. The payments you make with Medicare supplement insurance are:
Premiums- This is the amount you pay on a regular basis to keep the coverage. These can change in the beginning of the year. Deductible- This is the amount you pay for medical expenses. Copayment- this is a fixed charge for the medical services. Coinsurance- the percentage you pay after the policy has covered its costs.
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