What does a Medicare Supplement plan cover?

By Frederick Tartt posted 06-28-2020 05:05 PM


Once you reach the age of 65, you qualify for Medicare. This insurance covers doctor's visits and hospitalizations. However, this coverage does have gaps. Supplemental insurace, provided by private companies vetted by the government, can provide you with additional protection against devastating medical bills.

The Basic Coverage Offered By Medicare

Basic Medicare consists of multiple parts:

  • Part A covers hospitalizations
  • Part B covers doctor's visits and outpatient care
  • Part D covers prescription drugs

To qualify for A, B and D, you must have worked long enough to earn Social Security, though you can buy into the system in other ways if you don't have that much time in the working world. People on disability due to debilitating illness can receive Medicare before they turn 65.

The Purpose of Medicare Gap Insurance

There are services not covered by Medicare A & B. In addition, there are copays that can get expensive even if you use Medicare A & B. Depending on your activity level and your needs, the support offered by medisupps.com can help you determine the best gap insurance for your needs.

There are supplement plans that make it less worrisome to travel, because they offer substantial coverage overseas or across the border. There are plans that offer vision and dental insurance. If you have these plans in place, know that the rates can't be bumped up from the purchase price.

Options Continue to be Available

However, it should be noted that both Medicare C and F were no longer available as of 1/1/2020. If you had this coverage, you could keep it, but new enrollees could not sign up for it. If you had this coverage in the past, it may be a good idea to look at Medicare part G to see if this plan would work better for your current needs.

How Supplemental Insurance Protects You

Having supplemental Medicare insurance covers you in a variety of ways. It may mean that you can better afford dental care or new glasses. It may cover you when you go overseas. When a physician bills Medicare, the invoicing path is as follows. First,

  • Medicare is billed
  • Deductibles and denied fees are billed to your supplemental insurance, then
  • you are notified of your remaining responsibilities

Timing is Important

You have a seven month window to sign up for Medicare that starts three months before you turn 65. If you wait too long to sign up for this coverage, it could lead to higher premiums for the remainder of your life, so even if you don't sign up for Social Security at 65, it's critical that you don't miss the Medicare deadline.

There are open enrollment periods from October 15 to December 7. However, these "open" enrollment times can't protect you from higher fees due to a late sign-up around your 65th birthday. Manage this right to get the best rates.

Medicare coverage can protect you from devastating financial hits in old age. If you retire at 65 and sign up for Social Security at that time, your Medicare sign up can be automatically handled at that time. Study the supplement plans to make sure you get the one that works best for you.