If you are approaching age 65, then you will soon be facing some important decisions about your healthcare. Medicare Coverage, available to everyone 65 and up, is often not sufficient to handle all of your medical costs. While different parts will help cover specific services, it is important to know which type of Medicare will benefit your particular needs before making your selection, and what supplemental insurance will provide you with the full coverage that will give you peace of mind.
Medicare Supplement Insurance, also known as Medigap Insurance, can provide coverage for some of the costs Medicare does not pick up. There are also some important benefits:
- You have the option of choosing a private insurer through which to purchase your Medicare Supplement Insurance.
- Your choice of provider is expansive, as you may select any doctor who also takes Medicare insurance.
- As long as you pay your premium, you never have to worry about being unable to renew.
- Medicare copay costs and out-of-pocket prescription medications can be paid for by your Medicare Supplement policy.
Don’t be overwhelmed by the information surrounding Medicare and Medicare Supplement Insurance; your Mountcastle agent will gladly sit down with you and answer any questions you may have to help you make the right choices for your health insurance coverage.
Medicare Supplement FAQs
In some cases, yes. If you are self-employed or have a health savings account (HSA), then it is.
No. There are in fact twelve different types of Medigap policies—each with different levels of protection.
No. While most states allow for Medicare Supplement Insurance, it is not available everywhere.
It doesn't cover everything. These are some notable exclusions:
- long-term care
Medicare Part A (Hospital Insurance) covers such services as
- hospice care.
- some home health care.
- skilled nursing facilities.
Medicare Part B (Medical Insurance) covers such services as
- medical supplies.
- preventive services.
- some doctors' services.
Medicare Part C (also known as Medicare Advantage) is an "all inclusive" alternative to Original Medicare. This type of coverage will combine Parts A and B, and typically also Part D.
Medicare Part D (Prescription Drug Coverage) is an add-on coverage that pays for prescription medications. It can be attached to the following:
- Original Medicare
- Some Medicare Private-Free-for-Service Plans
- Some Medicare Cost Plans
- Medicare Medical Savings Account Plans
- Any person aged 65 or older
- Certain individuals with disabilities may qualify at a younger age
- People diagnosed with End-Stage Renal Disease (sometimes called ESRD)