Medicare supplement insurance will be most important for those people who join Medicare at the age of 65. If a person has gotten an illness or catastrophic injury which amounts to a considerable amount of medical bills, this can be overwhelming and add considerable stress to the patient
Medicare will pay a large portion of these bills a person may acquire during this time. Medicare only pays 80% of the total amount and the patient will be responsible for the remaining 20% of the medical bills. A Medicare supplement plan would be the best option for the Medicare recipient.
Medicare supplement plans are known as Medigap plans. These are the plans that will help cover the 20% expenses that are left after the Medicare 80% amount is paid.
Medicare Part A and Medicare Part B are the parts of Medicare that a person can join at the age of 65 and will be needed for their health insurance needs in their later years of life.
Medicare Part A will cover a patient’s hospital costs. Medicare Part B will cover doctor’s appointments, various tests a doctor may order and other medical needs. As said before, only 80% of these costs are what will be covered. The remaining amount can be tremendous, if the patient has had an illness that can go on for a long time, which can accumulate a considerable amount of debt.
Joining a Medigap Supplement plan within a 6 month time period after joining Medicare Plan A and Medicare Plan B is very important. During this time period, no physical examination is needed or existing condition will be considered in applying for a Medigap plan.
In looking at the Medigap plans, the various insurance companies will all carry the same plans, so the insurance company a person will choose is up to their discretion.
These plans are designated a letter which is from A-L. It is important to research each plan to see what will be suited for your specific needs. They are all different and some cover various procedures while others do not.
The difference between these plans will be the premiums an applicant will be paying. The premiums may vary considerably between each insurance company and the applicant should review each plan to see which one will meet their specific needs. The amount will be different, depending on the area a person resides.