When you turn 65, you become eligible for Medicare Parts A and B, also known as Original Medicare. Part A is automatically provided by the government and Part B is provided only if you have been paying Social Security at the time of eligibility. However, Medicare Parts A and B do not cover everything required for your health. This is why many people look at additional Medicare plans to cover the extra costs, such as Medicare Supplemental. But how does Medicare Supplemental work?
How Does Medicare Supplemental Work?
Medicare Supplemental, also known as Medigap, is not provided by the federal government. Instead, private companies help those eligible for Medicare select one of the ten different Medicare Supplemental plans available that would best fit their needs. In general, Medicare Supplemental will provide additional coverage options for those with Medicare Parts A and B, such as:
- Coverage for End-Stage Renal Disease (ERSD) for people of any age.
- An additional 365 days of hospital care during your lifetime in addition the Original Medicare lifetime reserve.
- Care available anywhere in the US with some emergency care available outside of the US.
Depending on your state, certain Medicare Supplemental plans will not be available. Enrollment begins the month of your 65th birthday and is available for five months following your birthday. Costs could increase for Medicare Supplemental if you do not enroll during this period. You may also be denied coverage or receive a delay in getting coverage for an existing illness if you enroll in Medicare Supplemental after this enrollment period. Certain Medicare Supplemental plans will also help pay for your Part B deductible.
What Do Medigap Plans NOT Cover?
Part of asking, “How does Medicare Supplemental work?” is understanding what Medigap does not cover. The coverage limitations for Medicare Supplemental depend on which of the ten plans you choose. However, the general limitations of Medigap include:
- Days beyond the 100 days covered by Part A and B in skilled nursing facilities
- Hearing aids
- Private nursing
- Routine vision, dental, and hearing care
How Much Does Medicare Supplemental Cost?
The cost of Medicare Supplemental plans depends on which of the ten plans you choose. The more comprehensive your plan’s coverage is, the higher the premium will be. There are some high deductible plans with Medicare Supplemental options. Additionally, you could have to pay Part B copays for doctor appointments and emergency room trips. There is coinsurance available to split the costs until you reach the out-of-pocket limit on certain Medigap plans. Medicare Supplemental plans will automatically renew each year when you pay your premium on time and your information remains correct. You have the option to drop your policy at any time to apply for another Medigap plan as well.
Interested in enrolling in a Medicare Supplemental plan? Visit our Medicare Supplemental page to get more details on Medigap as well as view the Medicare providers that Adams Insurance currently works with.