If you’re above sixty-five, retired and want to secure your health expenses, you may need to consider a suitable health plan. You either have the option of availing a Medicare Advantage Plan or an Original Medicare plan, depending on your budget and needs. These plans might not cover all your costs, but the added benefit of availing an Original Medicare Plan is that you can add a Medicare Supplement Plan to it! Yes, this means that any cost that is not covered by your Original Medicare Plan is covered by your Medicare Supplement Plan.
Now would be the appropriate time to register yourself; a little change might be expected in the Medicare Supplement Plans for 2019. However, availing it in 2018 will give you a clear idea of any prospective alterations! Bear in mind, Medicare Supplement Plan benefits are not government endorsed and must be purchased through a private company.
Medicare Supplement Plan is also known as a Medigap plan; as the name suggests, it covers any ‘gaps’ in your Original Medicare Plan. However, these are not applicable on stand-alone benefits. Medicare Supplement Plans pay for copayments, coinsurance, and yearly deductibles.
Medicare Supplement Plans are of quite a variety with the types being: A, B, C, D, G, K, L, M, N and F. Generally, all categories have a set of similar benefits that include:
- Medicare part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign travel emergency (up to plan limits)
- Network-restriction free
- No need for referrals to visit a specialist
- Available throughout the United States
- Guaranteed coverage for life (though, the rates of Medicare Supplement Plans for 2019 are subject to change)
Quite fortunately, two Medigap plans, known as Plan L and Plan K offer unlimited usage. This means that once you’ve exhausted your Medicare-covered services, Medigap plan will take its place in coverage!
All Medical Supplement Plan policies are standardized that follow state laws to provide you complete protection. Thus, we advise you to get yourself a unique on-the-budget plan that caters to all your needs before the Medigap plans for 2019 offer any changes!