A Medicare supplement plan, also known as a Medigap, is an individual insurance policy which can help to cover some of your medical expenses that Medicare does not cover. This could include out-of-pocket costs like copays, deductibles and coinsurance. Many people do not take advantage of this coverage because they assume it will cost them more than if they were on the original Medicare program. There are ways that you can save on these expenses.
Many insurance companies are not allowed to give you any discounts on your premium based on age. If you are in good health, then there are no restrictions as to what type of policies are available to you. However, it is always a good idea to shop around before committing to anything. You can find a great deal on a policy by asking around among friends and family. You may even be able to negotiate better rates by having some basic medical information handy.
Although many supplemental insurance plans are considered high risk, there are some that are completely free. Medicare Part B and Part D are two examples. If you have any type of chronic illness or have had surgery recently, you may qualify for a policy that will waive a portion of your premiums. However, these plans may only be available to those who are between 65 years old and if you have had a significant change in your lifestyle.
Some doctors and hospitals offer plans specifically for those with medical conditions. Although these plans may be more expensive, some will cover most doctor visits, hospital bills and even certain prescriptions. It is best to ask your provider about any and all options that are available to you.
The Medicare Supplement may be a great option for you if you are having trouble making the payment on your original plan. There may be a way for you to pay part of your premium on time. Your doctor or insurance company may be able to help you with this.
There are plenty of Medicare Supplement plans available and it is important to do your research and find one that is best suited to your financial needs. You may be surprised at the options that are available to you. and how affordable they can be.
There are ways for you to lower your costs with the Medicare Supplement as well. If you work full time and are also able to pay an amount each month towards the policy then you may be able to take advantage of some of the lower cost options.
As you look over all of the different options that are available to you, remember that you are getting a plan that is designed to help you pay for your costs if you should ever need it. and not just to put food on the table. It is very important to remember that you need to keep your costs down to a bare minimum. Check out this page to learn more about medicare supplement plans.