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What’s a Medicare Supplement Plan?

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Medicare Supplement Policy

Also known as Medigap or Medicare Supplement, a MedSup Policy can help you to lower out-of-pocket costs by filling in the gaps of Medicare.

Medicare A and B ‘help’ to pay the health care costs for Medicare participants. There are, however, a number of gaps that require a participant to pay out of pocket. In some cases these out of pocket costs can be significant, even many thousands of dollars. Some examples are below.

Expenses, Explained

  • Co-Payment – An amount you may be required to pay as your share of the cost for a medical service or supply, like a doctor’s visit or a prescription. A copayment is usually a set amount, rather than a percentage. For example, you might pay $10 or $20 for a doctor’s visit or prescription.
  • Co-Insurance – An amount you may be required to pay as your share of the costs for services after you pay any deductibles. Coinsurance is usually a percentage (for example, 20%).
  • Deductible – The amount you must pay for health care or prescriptions, before Original Medicare, your prescription drug plan, or your other insurance begins to pay.
  • Excess Charges – An amount a doctor or other health care provider may legally charge when the difference is higher than the Medicare-approved amount.

Medicare Supplement plans exist to ‘fill in’ these gaps and help protect Medicare Participants from high and unexpected medical payments.

Is a MedSup plan right for you? It could help cover certain out–of–pocket medical costs not covered by Medicare itself. Out–of–pocket costs increase with age and deteriorating health conditions. You can protect yourself and have coverage from some of these expenses by paying a monthly or annual premium. Plus, having Medicare Supplement coverage can provide additional freedom to visit a provider that does not accept Medicare Assignment.

Medicare Supplement Plans prepare and protect you from costly medical expenses. Your association and AMBA are here to help. To find the plan that best fits your needs and budget, visit www.amba-review.com. Set up a free consultation with a skilled AMBA representative at 866-615-4063.

SOURCE: https://www.moneytalksnews.com/the-abcs-selecting-medicare-supplement-plan/

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