Medicare is a government-sponsored program that provides health insurance coverage for those who are over the age of 65, disabled, or on Social Security. It was designed to provide basic health care benefits and covers some hospitalization and medical services not covered by other plans.
There are several different types of supplemental plans available so it’s important to know which one is right for you. Check out this guide to see if a supplement plan is right for you.
What Is A Medicare Supplement Plan?
When you need to visit the doctor or hospital, you may have to pay copayments, coinsurance, and deductibles that aren’t covered by your original Medicare plan, Medicare Supplement Plans cover these costs. List of the most common plans:
* Plan F covers inpatient hospitalization for everything except long-term care hospitals
* Plan G covers inpatient hospitalization for everything including long-term care hospitals
* Plan N covers all costs not covered by Medicare (including prescription drugs)
* Plan K (known as “Medigap”) covers all costs not covered by Medicare
These plans can be purchased independently or through an employer group plan. It’s important to know what your needs are so you can find the right supplement plan for you.
The Different Types Of Medicare Supplement Plans
The first thing you need to do is know if you are eligible for Medicare. If you are, there are five types of plans available.
- Medicare Supplement Plan F: This plan covers some of the costs that Medicare doesn’t cover like copayments and coinsurance. It also covers other expenses like annual checkups and eyeglasses.
- Medicare Supplement Plan G: This plan also covers some of the costs that Medicare doesn’t cover like copayments and coinsurance. It’s mainly designed for people who can’t afford to buy a more expensive supplemental plan or who want a plan with fewer benefits than Plan F.
- Medicare Supplement Plan N: If your income is too high to qualify for any type of supplemental insurance, you can purchase this insurance at full cost without having to pay monthly premiums over time. It’s helpful if you have high medical bills because all your medical bills will be covered by this type of coverage.
- Medicare Supplement Plan S: If your employment status changes, this plan will cover what other insurance companies won’t cover. For example, if you are laid off from your job, the company still pays for certain health care services while you look for new work or until social security kicks in again after retirement age. The company will pay up to 80% of your benefits.
- Medicare Supplement Plan D-K: These plans are not offered by all carriers so it’s important to check with your carrier before purchasing one. They offer four different levels of
Medicare Supplement plans are designed to help cover some of the expenses that Original Medicare may not provide for. If you are enrolled in Medicare or are considering enrolling in Medicare, it is important to know the different types of Medicare Supplement Plans available, what they cover, how they work, and how to apply. Ultimately, you want to be sure you’re choosing the right plan for your needs.