As a general rule, Medicare supplemental Insurance will cover up to 80% of certain types of medical treatments, hospitalizations, medical equipment etc. The exact amount of cover will depend on whether you have solely Medicare Part A coverage or whether you have opted for optional Part b coverage as well.
Even with additional Part B coverage many people are still forced to pay substantial out of pocket costs to cover the remaining 20% not covered by Medicare. This gap is referred to as the co-payment amount and very often people simply do not have the money to pay it in cash.
There are a number of Medicare supplement insurance policies, or medigap as they are often called on the market, specifically designed to help people pay the co-payment amount and although they may be managed by different companies, every policy must fall under the guidelines of Medicare.
There are currently 12 existing standardized Medicare supplement insurance plans which are also referred to as Medigap. The plans are labelled 'A' through to 'L' and offer different benefits at varying prices depending on the co-payment required by the user. Although the level and type of cover provided in each plan differs, every Medigap plan must provide basic Medicare benefits as a minimum.
There is also another option available known as Medicare Select which is a Medicare supplement insurance policy that is less expensive than other plans. The only drawback to Medicare Select is that you are limited to certain doctors and hospitals for your health care needs.
The benefits within each of the 12 Medigap plans do not vary from company to company; if you purchase a plan 'A', it will be identical no matter which company you use. However, premiums can vary considerably from company to company and paying a higher premium will not ensure that you receive anything over and above what is included in the standardized plan.
The best time to buy a Medicare supplement insurance policy is during the first 6 months after enrolling in Medicare Part B. This is the only situation where Insurers are obliged to accept you regardless of any pre-existing health conditions.
Premiums for Medigap policies are set by the following methods:
Attained age: This produces the lowest premiums, particularly for those just turned 65. However, premiums do increase as you get older, typically every 1, 3 or 5 years, very often reaching their highest point when you can least afford them.
Issue age: Premiums are based on your age at the time of purchase and will not increase as you get older.
Community-rated: Everyone in the same geographic area pays the same premium regardless of age.
It should be noted that every January 1st Medicare's benefits are adjusted to keep up with inflation and as all Medigap benefits are co-ordinated with Medicare's, premiums for Medicare supplement insurance plans usually increase each year over and above any increases described above.
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