Medicare Supplement, or Medigap, coverage visit here fills in holes in Medicare’s primary coverage, including deductibles, Coinsurance, and copays. In 47 states, there currently are at least 10 approved Medicare Supplement insurance plans which are designated by the letters A-L (plane is no longer available). In order for a Medicare Supplement policy to be accepted in a state, the applicant must have been receiving Medicare Parts A and B for at least five continuous months.
All Medicare supplement plans are standardized, but not all of them are the same. Most, if not all, cover the same issues; the difference lies in how the policy is administered. Each plan is designed to cover specific “flaws” in the original Medicare program. For example, Medicare Supplement plan F covers the “out-of-pocket” expenses for hospital stays. While this sounds like a benefit, it is actually intended to protect against deductibles in the case of an emergency room visit.
Some plans offer a guaranteed issue feature, also known as guaranteed renewability. This means that once a person has enrolled in a Medicare Supplement plan, that person will always have coverage. However, not all Medicare supplement plans are guaranteed issue; in order for a plan to be guaranteed issue, it must cover “a significant percentage” of the projected Medicare caseload. In order for a Medicare Supplement plan to be considered as “a significant percentage” of the expected caseload, it must pay 80% of projected caseload costs, which means it would have a fixed monthly premium that cannot increase for the next year or decrease during the year. Currently, the guaranteed issue rule is not in effect.
Another benefit provided by a Medicare supplement insurance plan is hospital outpatient care. If a patient visits an inpatient hospital in the first three months of the year, they will be able to see a Medicare Part B provider at no additional cost. The coverage includes all inpatient hospital care. This benefit will only apply if the patient does not change their health plan between the first and third months of coverage.
Medicare Supplement Plan F helps cover other items, which are not addressed by Parts A and B of the Medicare program. Medicare Supplement Plan F is the only plan that offers an annual tax-deductible credit for home health care services. Part A, B and C of the original Medicare program each offer different benefits that are not available with Medicare Supplement Plan F. The health care coverage provided by Medicare Supplement Plan F helps to relieve some of the financial stress that occurs when Medicare is used for extended medical care such as hospital stays.
All individuals who are age 65 and older must enroll in Medicare. Anyone over age 65 must have Medicare Part A or Part B, depending on their state of residence, in order to qualify for coverage. Medicare Supplement Plan F is not a Medicare Parts A or B plan, but it is a convenient addition to allow more individuals the opportunity to enroll in the plan. Individuals who are interested in trying out the new Medicare supplement plan can call a toll-free customer service line or apply online.