If you’re over 50 years of age or have a disability, you may be eligible for Medicare supplement insurance, this is a separate type of coverage that can help pay for prescription drugs and medical care that your regular Medicare program doesn’t cover.
It isn’t meant to take the place of your Medicare plan, but rather as an added layer of security to get the most out of your supplement insurance, it’s important to understand its limitations and know when it makes sense to get additional coverage.
This guide will explain how to supplement insurance works and what kind of benefits you can expect from different types of coverage.
What is Medicare Supplement Insurance?
Medicare supplement insurance can help pay for additional health care costs not covered by Medicare, it may help pay for medical costs like prescription drugs, doctor’s visits, and dental treatments not covered by Medicare Part A.
It may also give you access to more expensive health care services not covered by Medicare like acupuncture, speech-language pathology, and occupational therapy.
While Mutual of Omaha Medicare supplement is a federally sponsored program that provides benefits to people who qualify, supplement insurance is a private plan purchased by individuals who don’t qualify for Medicare.
It can help protect you and your family from medical costs not covered by Medicare at the cost of an extra premium.
Types of Supplement Insurance
There are two different types of supplement insurance plans, a Medigap plan covers costs that Medicare doesn’t cover, like out-of-pocket expenses like copays and deductibles.
A Medically Qualified Health Plan also known as M.Q.H.P. gives you access to additional health care services that are not covered by Medicare.
Understanding How Supplement Insurance Works
Medicare supplement plans work a bit differently from traditional Medicare, the basic system is that Medicare pays medical bills, but doesn’t pay the full cost of care, instead, you are responsible for how much you want to pay known as an actuarial percentage plus a premium to cover your portion of the cost.
Most people don’t have to pay as much as they do for traditional Medicare, but if you end up with a big medical bill that is not covered by Medicare, you won’t have the money to pay it.
When Should You Get Additional Coverage?
If you are over 50 or have a disability, supplement insurance is a good idea if your income is low, you may qualify for extra assistance to help cover the cost of this insurance.
Which Plan Is Best for You?
The first step is to talk to your doctor to get a better idea of what is covered under your regular Medicare plan, once you have that information, you can compare plans to find the one best for your needs.
If you’re reading this article, then you probably know that the cost of healthcare is rising faster than inflation. In fact, it has been going up at a rate of around 3% per year for the last decade, which means that just like everything else in your budget, you’re trying to figure out how to reduce how much you spend on healthcare.
Luckily, there are some simple ways to do this and one of them is by purchasing a Medicare supplement insurance plan. If you’re not familiar with what this is or how it can help you, then keep reading because we’ll explain all about it below. Keep reading to learn more about