Medicare Supplements: 8 Ways to Enhance Senior Healthcare Coverage
Looking for healthcare plans and insurance is a challenging task and if you’re an individual aged 65 and above, it becomes very important to choose the right insurance coverage to make sure that it helps pay your healthcare expenses without breaking your wallets. With the increase in global health concerns, access to quality healthcare is not just a priority but rather a necessity.
This is where a Medicare insurance plan comes into play. Medicare benefits for seniors are extremely rewarding during times of health disturbances. Medicare provides essential healthcare coverage for individuals aged 65 or older to ensure they receive the utmost care during their golden years.
“Once your mind and body are healthy, it creates a freedom that helps you enjoy life.”- Milind Soman
However, even with comprehensive coverage offered by Medicare, there are certain gaps that make seniors pay out of pocket to meet their healthcare expenses. To save seniors from these gaps, Medicare supplemental plans are offered to enhance senior healthcare coverage. In this blog, we will learn the 8 ways in which a Medicare supplemental plan will help enhance seniors’ healthcare coverage.
What is Medicare and how to deal with gaps?
In the United States, Medicare is a federal health insurance program designed to help cover healthcare expenses for individuals aged 65 and above. This program can also serve well for younger individuals with certain disabilities like end-stage renal disease. There are different parts that come under Medicare such as Part A, B, C, and D. While Medicare is a great safety net for seniors it is not sufficient due to increased healthcare costs and demand for healthcare services.
These limitations and gaps can be tackled with the help of extra insurance i.e. a Medigap policy. The gaps include deductibles, copayments, and services that are not covered at all, including routine dental and vision care. A Medigap recognizes that seniors need more than just basic coverage.
What is a Medicare supplemental plan?
Now that we know there is a way to deal with these gaps, let’s get a little deeper into understanding more about a Medicare supplemental plan which is also known as a Medigap. They are private health insurance policies that are designed to fill in the gaps from the original Medicare Parts A and B.
Since these plans are private health insurance policies they are offered by private insurance companies. However, they are regulated by federal and state laws to ensure consumer protection.
Does Medicare and Medigap work together?
Yes, they both work simultaneously to make sure that all your medical expenses are billed and settled to the doctors and hospitals at a predetermined time.
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When you enroll yourself in a Medigap plan, it becomes an extra insurance or a secondary insurance to your original Medicare.
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When you receive healthcare services from healthcare providers who accept a Medicare plan to pay off your health expenses, Medicare pays its share of the approved amount of covered services and then Medigap pays off its share.
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To put it in simple terms, Medigap starts to pick up and pay where Medicare leaves off, ultimately reducing the amount you pay out-of-pocket.
The role of private insurance companies
Medigap as we all know by now is offered by private companies. The federal government sets the basic standards for Medigap plans and the private companies sell and administer these policies. It is important that you understand all the Medigap plans are standardized. For instance, if you receive a Plan F from one insurance company offers the same coverage as Plan F from another insurance company.
One main aspect that varies is the premium amounts. So, it is crucial that you shop around and do your research to find the best rates and make sure that your plan meets your specific health needs.
In the coming section, let us find out the 8 benefits of the Medicare supplemental plan that helps enhance senior healthcare coverage.
8 benefits of Medicare supplemental plans
A Medigap essentially eases out the stress that comes with paying off out-of-pocket expenses that occur after a doctor's visit. There are more ways in which a Medigap helps seniors access comprehensive healthcare coverage. Let’s look at 8 benefits below:
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Filling the gaps
This is one of the popular benefits that comes with getting a Medigap policy. Original Medicare which comprises Part A and B, offers good healthcare coverage but leaves beneficiaries with certain out-of-pocket costs such as copayments, deductibles, and coinsurance. A Medigap is specifically designed to address these gaps to ensure that seniors are not burdened with unexpected medical bills.
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Comprehensive coverage
Depending on what Medigap plan you choose, benefits differ covering various healthcare expenses such as hospital stays, doctor visits, skilled nursing facility care, and more. The extensive coverage option ensures that seniors get the utmost care without having to worry about finances.
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Predictable costs
One of the other advantages of Medigap is its predictability. It is easier to predict healthcare costs and manage the monthly budget accordingly. Seniors generally pay a monthly premium like other insurance plans in addition to the Medicare Part B premium. This helps seniors do better financial planning.
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Freedom to choose providers
With the help of Medigap plans, seniors have the autonomy to choose their healthcare providers. They don’t need networks or referrals. As long as their healthcare provider accepts Medicare, they are safe to receive care from their preferred healthcare providers. This ensures that they get personalized care and medical attention as per their choice.
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No Networks or referrals
As mentioned above, a Medigap plan doesn’t involve any networks or referrals. Seniors need not select or need referrals to see specialists as they can use their coverage at any doctor or hospital accepting Medicare.
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Travel Coverage
Seniors enjoy traveling and would like to spend their golden years discovering new places. Medigap plans aid in acting as a shield during their travel time by providing coverage for medical emergencies that occur outside of the United States. This helps explore new destinations safely and securely.
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Renewability
Once you have successfully enrolled in a Medigap plan, it's guaranteed to be renewable as long as you complete your premium payment on time. With the guaranteed renewability in place, you can make sure that your insurance companies don’t cancel your coverage due to health issues or other factors.
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Customized as per your needs
Medigap has standardized types ranging from A to N offering different levels of coverage. This helps seniors choose a plan that perfectly suits their medical needs and budget.
With all of these benefits combined, a Medigap plan offers financial flexibility while ensuring quality healthcare during the times seniors need it the most. Now, let us get to the eligibility factors!
Quick Medicare Supplement Fact!
56% of Medicare Supplement beneficiaries are between age 65 and 75, and most of the beneficiaries are roughly 57% female and 43% male.
What makes you eligible?
In order to apply for a Medigap plan, you need to meet below criteria:
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You need to be enrolled in both Medicare Parts A and B.
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Your residence must be in the plan’s service area.
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As an individual enrolled in Medicare, it is by default that your age must be at least 65 and above.
Steps involved in buying a Medigap policy
By now you would have realized the importance of purchasing Medicare supplement plans as a senior. To fill all the gaps in your original medical and reap the medicare benefits for seniors, you need to get a Medigap policy. If you’re wondering how to buy your policy, here are the steps involved:
Step 1) Know your eligibility
It is a no-brainer! In order to be eligible for a Medigap policy you need to be enrolled in Medicare Parts A and B while living in the area where the plan you’re interested in is servicing.
Step 2) Research
Medigap plans A to N are standardized where the coverage offered differs. Make sure that you take enough time to understand the process of Medigap and its benefits while you are evaluating different options.
Step 3) Compare costs
As we know that these Medigap policies are offered and maintained by private insurance companies, you might want to shop around various private insurance companies in and around your place of residence to make sure you get the best rates and terms. Coverage for each plan type is standardized but not the premiums. Make the best choice by considering the insurer’s reputation and reliability.
Step 4) Apply directly
Once you have chosen a private insurance company to offer you a Medigap policy, apply directly through the insurance company without getting any unreliable third parties involved. Your Medicare information is highly confidential, so make sure you’re handing it over in the right hands to get your Medigap applications processed. You can either contact them directly or fill up the form on the insurer’s website.
These are some of the main steps involved in the Medigap policy application process, that you need to be aware of. Always remember that you can get help from trusted and certified insurance agents to make the right coverage choice instead of consulting with local insurance agents.
Conclusion
Whether you’re an individual who is about to reach the age of 65 or someone who is already of that age or you’re exploring Medicare for your loved ones, it is the best choice to get an enrollment in a Medigap policy in 2023. It ensures that seniors get quality healthcare and peace of mind realizing that their healthcare needs are met. We advise you to consult with professional insurance advisors to receive guidance every step of the way. If you’re on the lookout for more information, head over to the blog section to learn more about Medigap policy.
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