Medicare supplement plans are a type of Medicare coverage that helps pay for parts of the standard Medicare plan that Original Medicare doesn’t cover. While it’s important to consider many factors when choosing your supplemental insurance, understanding what these plans provide can help you make an informed decision.
Who Can Get Medicare Supplement Plans
If you’re interested in Medicare supplement plans, you may be wondering whether or not you’re eligible for coverage.
If you are 65 years old or older and have Medicare Part B, then yes—you can get a Medicare supplement plan. If you don’t have Part B but still want to purchase a supplemental insurance policy anyway, keep reading!
In addition to being at least 65 years of age (or under 65 and disabled), the following groups of people are eligible for Medicare supplement plans:
- People with Part A and/or Part B who cannot afford Original Medicare premiums;
- Those who enroll due to disability;
- Disabled veterans;
Most importantly, anyone who is enrolled in Original Medicare (Part A and/or Part B) can purchase an additional policy that provides more benefits than the standard coverage provided by these two programs alone.
What Do Medicare Supplement Plans Cover
Medicare supplement plans 2023 cover a lot of the costs that Medicare doesn’t. These include premiums, coinsurance and deductibles, prescription drug coverage, vision and hearing screenings, hospital care (inpatient), skilled nursing facility care (outpatient), imaging tests like MRIs or CT scans, ambulance services if you get sick away from home.
The basic Medicare plan covers some of these things but not all of them. The Medicare Advantage Plan covers all these things but still leaves out a few others like hearing aids or eyeglasses not covered by your insurance plan.
How Much Do Medicare Supplement Plans Cost
One of the most important things to know about Medicare supplement plans is that they are not free. You must pay a monthly premium for each plan you choose, and the amount of your premium depends on several factors.
First, insurance companies charge higher premiums to people who have pre-existing conditions like diabetes or heart disease. This means that if you already have one of these chronic illnesses, it could be more expensive for you to get a Medicare supplement plan than it would be for someone else who doesn’t already have those conditions.
Second, insurance companies also charge higher premiums to people who fall into certain age groups based on their gender and occupation (for example: female nurses aged 65-69 pay more than male truck drivers aged 65-69). Most policies have an upper limit on how much money they can charge members in any given year—the limit varies from company to company—but this limit does not apply across all policies; some plans may allow their members’ total out-of-pocket costs under $1 million per year while others may cap those costs at $3 million per year! You’ll want to check with your provider before signing up so that you know how much coverage will cost throughout your lifetime.
Hopefully you now have a better understanding of Medicare supplement plans and can make an informed decision when it comes time to enroll in one. Remember that the best way to ensure your health is by taking care of yourself!