How To Find And Compare Medicare Supplement Plans
Medicare supplement plan is the foundation of the Medicare program. The program itself was created in 1965 by President Lyndon B. Johnson as part of his Great Society agenda, and it serves as public health insurance for individuals over 65 years old and disabled people of any age.
Medicare is administered by the US government through the Centers for Medicare & Medicaid Services (CMS), with advice from an advisory board called the Federal Council on Aging (FACA). The FACA helps guide policy decisions that affect older adults—including those who have their own supplementary Medigap policies!
What Are Medicare Supplement Plans
Medicare supplement plan is sold by private insurance companies and they usually provide coverage for all of the services covered by Medicare Parts A and B, with a few exceptions. The most notable exception is Part D (see below). These plans are sometimes called Medigap plans or “Medi-gap” plans because they can help to fill in the gaps left by Medicare coverage.
As we mentioned earlier, there are several differences between Medicare and Medicare supplement plan:
- Part A covers skilled nursing care, hospice care and some home health services; it does not cover prescription drugs or dental care
- Part B covers doctors’ visits, outpatient hospital stays and lab tests; it does not cover routine annual physicals unless you have paid an additional monthly premium for Part B coverage during the last six months of 2018. If this applies to you then consult your doctor’s office before making an appointment because they may still require payment up front or request payment at another time during your visit (such as after pre-approved treatment has been completed).
Do You Need Medicare Supplement Plans
If you are on Medicare, you may be wondering whether or not you need Medicare Supplement plans. To answer this question, let’s look at what they are and how they work.
The purpose of Medicare supplement plan is to cover some of the gaps in your coverage that were left by Original Medicare. These gaps include copayments, coinsurance and deductibles that can add up to thousands of dollars each year. Medicare supplement plan reduce these costs by covering them for you as part of your regular premium payments on top of what you pay through Original Medicare alone. In other words, a good way to think about these types of supplemental insurance policies is as an additional layer added onto your existing policy—a sort-of “insurance umbrella” that provides extra protection from unexpected expenses during retirement years when medical bills tend to increase more rapidly than other expenses do over time (like food).
Comparing Medicare Supplement Quotes
The first step to finding the right Medicare supplement company is to compare quotes from different insurance companies. There are many benefits of comparing quotes, including:
- Finding out what the difference is between the plans
- Knowing if you qualify for any discounts
- Knowing if you need to pay a premium
To Sum Up
When it comes to comparing Medicare Supplement plan, you have a lot of options. You can compare plans online yourself and find the best one for your needs, or you can work with an agent who will help you find the right fit. Either way, taking the time to understand how these plans work is essential before deciding on which one is right for your situation.