Basics of Medicare Supplements
Medicare Supplements can be difficult to follow within the vast field of Health Insurance. Our goal is to help you understand this topic and clear up any type of confusion.
Medicare Basics
Before we go into Medicare Supplements, let’s talk about some of the basics of Medicare. Medicare is health insurance for ages 65 +. Once you turn 65, you are eligible to apply for Medicare Part A and Part B during the enrollment period. This takes place three months before you turn 65 and ends three months after you turn 65. You can click here to learn how to apply online. After the application has processed you will receive a card in the mail. Then you are approved to apply for a Medicare Advantage or a Medicare Supplement. Additionally, you can only apply for Medicare Advantage and Supplements if you have Part A and B.
The 411 on Supplements
Now that we have discussed a little about Medicare. Let’s talk about Medicare Supplements. A Medicare Supplement is a privately-owned service that covers the difference between what Medicare cannot pay for on services. Supplement plans are only good for medical: MRI, CT Scans, etc. This could include deductibles, copayments, or something like coinsurance. It covers the fees that you would normally have to pay out of pocket.
Furthermore, you are responsible for paying monthly fees for the supplement itself, Part B Premium, and a prescription drug plan. A common misunderstanding with Medicare Supplements is that they cover prescriptions. However, this is not the case. You need a separate plan.
Estimate Costs:
- Medicare Supplement: ($105 to $300 / month)
- Part B Premium: $135 / month (< 80,000 annual income)
- Part B Premium: $185 / month (> 80,000 annual income)
- Prescription Drug Plan: $20 – $50 / month
With a supplemental plan, you can usually spend about $300 to $400 a month. We recommend supplements for customers who don’t like copays, getting bills in the mail, or are worried about upcoming expensive surgeries.
Benefits to Medicare Supplements
While Medicare Supplements can get a little expensive per month, they do have a lot of benefits. Supplements allow you to see any doctor, use any provider of your preference, and are not ended by any kind of network. They are good for traveling because you can go anywhere as long as the doctor or hospital accepts Medicare.
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Another article you may like: https://www.empowerbrokerage.com/a-fresh-look-at-medicare/
