Do You Need a Medicare Supplement Insurance Plan?

A sometimes difficult to understand process, the process of securing a Medicare plan can sometimes be extended by the process of also securing a Medicare Supplement Insurance Plan. But is this really necessary? For most people, yes it is. Thankfully, there are insurance companies out there such as State Mutual Insurance, who are licensed to develop supplement insurance plans that fit your needs and help cover those costs that Original Medicare lacks the ability to cover. To help you understand a bit more about Medicare Supplement Insurance before you visit your chosen Insurance office, here’s a little starter information detailing what these plans are all about.

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The main question: what is Medicare Supplement Insurance?

Sold by private companies and not Medicare itself, Medicare Supplement Insurance, also known as Medigap, is insurance that is designed to help you fill in the gaps and pay for some of the health care costs that Original Medicare might not cover in your plan. This includes copayments, deductibles and coinsurance. You might also find that some Medicare Supplement Insurance plans also cover certain services that Medicare does not cover, such as medical expenses acquired during a trip abroad. Because we all know that accidents don’t limit themselves to our home state, this type of coverage is sometimes very much needed, depending on the type of lifestyle you lead. The key is to remember that a Medicare Supplement Insurance plan is in no way, shape or form the same as a Medicare Advantage Plan.

How does Medicare Supplement Insurance work for you?

When you first submit a medical claim to your insurance, Original Medicare will first and foremost pay its portion of the medical expenses. Then, once that is done, your Medicare Supplement Insurance plan will come into effect and will pay its share of the remaining medical costs. After those two steps are completed, you’ll either find that you have zero costs to pay yourself, or a much smaller amount. If you were to only have Medicare, you would find yourself paying a lot more of that particular medical expense.

Things to know before purchasing a Medicare Supplement Insurance plan

Before purchasing a Medicare Supplement Insurance policy, you’ll first want to know a few important key points about this type of insurance. The first is that you’ll have to have both Medicare Part A and Medicare Part B to qualify. Also, it’s important to keep in mind, that like other insurances, a monthly premium is required and must be paid on time in order to keep your insurance. You’re only allowed to have either a Medicare Supplement plan or a Medicare Advantage Plan and cannot have both at the same time. Also, it’s nice to know that you can buy your supplement policy from any insurance company within your state that is licensed to sell such plans.

When it comes down to it, a Medicare Supplement Insurance policy, also known as Medigap, is designed to help you cover major and minor costs that your Original Medicare plan won’t. This thus allows you to play a smaller amount of the bill.