Medicare Supplement insurance covers the gaps left by original Medicare, Parts A and B, including coinsurance, deductibles, co-payments, and special coverage. In over 47 states, there are now up to ten different Medicare Supplement insurance plans denoted by the alphabet letters A through J (plane, H, I, J, K, L, and M are the most common ones). These cover items in areas that Medicare does not cover. Although it was initially intended for senior citizens only, many others have found this supplemental insurance beneficial and have applied for coverage. There are three types of Medicare Supplement plans, Medigap/Medigap, Medicare Part D supplemental insurance, and Medicare Advantage Plans.
The majority of medigap policies are standardized, meaning they are guaranteed issue, regardless of a person’s health status or past medical history. While these are standard, some polices are tailored to meet the needs of each individual client. Some companies will offer a guaranteed issue and customized policy provisions based on a person’s specific medical situation. All other standardized policies are basically the same.
The cheapest and most popular form of Medicare Supplement insurance is called Medicare Part D. This program, also called Medicare Part A, guarantees that the recipient will receive prescription drugs at a low cost. Medicare Part D also pays for hearing aids, vision care, pharmacy costs, and extended benefits such as accidental death benefit, disability income protection, and emergency care. In order to take advantage of these additional services, consumers need to purchase both Medicare Part A and Medicare Part D. For people with Medicare benefits who do not have health insurance, they may qualify for Out-of-Network providers. This process can be tricky, but it is possible to find help from Medicare Supplement insurance companies and brokers.