What is Medicare Supplement?

​If you frequently visit hospitals, you may have heard of Medicare Part A and B and know that there are out-of-pocket costs that you are required to pay. There is a way to save some cash with a Medicare Supplement insurance plan called Medigap. 

This type of insurance fills in the "gaps" in standard advantages by Traditional Medicare, Part A, and B, like its deductibles and coinsurance. 

Medicare Supplement Basic Benefits
Medicare Supplement insurance plans provide different levels of their basic benefits. But all its plans include uniform and standardized primary services, no matter the insurance company or location. Medicare Supplement insurance plans do not cover long-term care, dental, vision, and hearing aids, but these plans have to cover at least some of these basic benefits: 

• First three pints of blood used in a medical procedure
• Nursing home care with coinsurance or copayments
• Coinsurance costs of up to 365 days after all Medicare benefits are consumed

Medicare Supplement Eligibility 
To be qualified to become a member of the Medicare Supplement insurance plan, the person must be enrolled in Medicare Part A and B. On the first day of every month, there is a Medigap Open Enrollment Period that allows both individuals that are 65 years old and above and individuals enrolled in Part B that lasts for at least six months. 

During this time, the person has the right to join any Medicare Supplement Insurance plans available in the state where they live. 

This individual cannot be denied these basic benefits based on any pre-existing conditions during this time frame. However, there may be some waiting period. Still, suppose the individual fails to obtain this plan during this period. 

In that case, an attempt in the future may lead to having their basic benefits denied and may be charged with a higher premium because of their medical history. 

It is good to know that people can enroll in a Medigap plan in some states before they reach the age of 65. 

Conclusion 
Choosing the best insurance plan for you and your family can be tricky. It is always best to consult a trusted insurance agency to help you select the one for you. 

At The Medicare Space, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (866) 717-8683 or Click Here to request a free quote.