Medicare Supplemental Policy: The Basics of it
What is Medicare supplemental insurance?
Medicare supplemental policies are offered by private insurance companies and can help cover costs that are not covered below Original Medicare (Part A and B), such as co insurance, co pays, and deductibles. Remember, there are no maximums in Original Medicare, so there is no limit to what you may need to spend. A Medicare supplemental policy may protect you from charging large medical bills (i.e. many Medicare co payments or co insurance amounts) should you need extensive medical care. There are up to ten supplemental Medicare standard letter policies in 47 states (policies A, B, C, D, F, G, K, L, M, & N), however not all policies are available in all areas. Wisconsin, Minnesota, and Massachusetts have their own standardized Medicare supplemental policies.
Who can obtain a Medicare supplemental policy?
To sign up for a Medicare supplemental policy, you will need Medicare Part A and B. Generally, you must also be 65 years or older. While Medicare Part A and B may be available to people below 65 with social security disabilities and some medical conditions, the federal government does not require private insurance companies to sell Medicare Supplemental policies to people below 65 years .Private insurance companies sell Medicare Supplemental to people below 65.
What can Medicare supplemental insurance cover?
The list below talks about the 10 standardized Medicare Supplemental policies with letters available in most states.
In general, all Medicare supplemental policies cover 100% of Part A of Medicare co insurance and hospital expenses for 365 days after exhausting Medicare benefits.
Every Medicare supplemental policygenerally covers a minimum of 50% of the co insurance or Part B of Medicarecommitments. Policy K can cover 50% of this benefit, while Policy L can cover75%. The rest of the policies can cover 100%. Get quotes for supplement plans at www.bestmedicaresupplementplans2019.com/ for 2019.
Every Medicare supplemental policies can cover at least 50% of the first 3 pints of blood in a medical procedure. Policy K can cover 50% of this benefit, while Policy L can cover 75%. The rest of the policies usually cover 100%.
All Medicare supplemental policies can cover at least 50% of Medicare Part A copayments or hospice care. Policy K covers this with 50%, Policy L covers it with 75%. The rest of the policies cover 100%.
Eight of the ten policies cover at least 50% of the insured long-term care insurance. Policies A and B do not cover this at all. Policy K covers this 50%, Policy L covers it at 75% and the rest of the policies covers it at 100%.
Every Medicare supplemental policies, except policy A, cover at least 50% of the Medicare Part A deductible. Policy K and policy M cover 50%. Policy L covers it with 75%. Policies B, C, D, F, G and N cover 100% of them.
Policies C and F covers100% of the Part B deductible. No other policy covers the Part B deductible.
Policies F and G cover the deductibles for part B. Other policies do not cover the additional costs of Part B.