Supplemental Insurance for Medicare: Exploring Your Options
Finding the right medical insurance plan can be incredibly daunting. Medicare supplemental insurance can be complex and difficult to understand. With so much to consider, it’s extremely important to ensure you’re exploring your options and considering which type of supplemental insurance best meets your individual needs.
What is Supplemental Insurance?
Supplemental insurance is designed to cover health care expenses not covered by original Medicare, such as coinsurance, copayments, deductibles, and services not covered by Medicare. While there are a number of types of supplemental insurance, the most common and comprehensive type for Medicare recipients is known as Medigap.
Medigap Insurance
Medigap insurance is the most comprehensive type of supplemental insurance for those on Medicare. It consists of 12 standardized plans, designated by letters A through L. All plans of the same letter offer the same coverage regardless of where or who you purchase it from. In most cases, Medigap plans cover at least some of your spouse’s expenses. They can be used in addition to Medicare
Medicare Advantage
Medicare Advantage plans are another type of supplemental insurance and are becoming increasingly popular with Medicare recipients. They are offered by private companies and are a great option for those who do not want the worry and paperwork of Medigap plans. Medicare Advantage plans generally cover all of the services of original Medicare, as well as additional benefits such as vision, hearing, and prescription coverage. Medicare Advantage plans also have lower copays and premiums than Medigap plans.
Choosing the Right Plan
With so many different types of supplemental insurance, it is important to look at your individual needs and choose the plan that best fits you. Consider the type of coverage needed and the amount you can afford to pay in premiums. Make sure you compare the benefits of each plan and talk to a trusted advisor to help you find the best plan for you.
Supplemental insurance for Medicare can be confusing and overwhelming, but it is important to make sure you shop around and find the right plan for your individual needs. With so many options available, you’re sure to find a plan that’s right for you.