Do You Need Supplemental Insurance With Medicare?

If you’re close to being eligible for Medicare or have recently signed up, you may be wondering if you need any other insurance coverage. This is an important and commonly asked question! Medicare, also called Original Medicare, is comprised of Medicare Part A and Part B. This is what you can sign up for — or are automatically enrolled in, depending on your receival of Social Security benefits — on the first day of the month in which you will turn 65. Original Medicare does not cover the costs of all medical care you made need, which is why it is important to evaluate your situation to determine if you will benefit from a Medicare Supplement Insurance plan.

What Does Medicare Cover?

Medicare Coverage Comes In Parts

To understand what Medicare covers, we need to break it into its parts. Original Medicare refers to Part A and Part B, but there are also additional coverage options: Part C and Part D. Medicare Part C is also called Medicare Advantage. It includes Part A and Part B and is provided by private Medicare-approved companies. It oftens includes additional coverage and Medicare Part D — prescription drug coverage.

Original Medicare Generally Covers:

Medicare Part A

  • Inpatient hospital care
  • Skilled nursing facility care
  • Hospice care
  • Home health care

Medicare Part B

  • Medically necessary services
  • Medically necessary supplies (including durable medical equipment)
  • Preventative services
  • Ambulance services
  • Mental health services

Medicare Supplement Plans Can Fill In The Gaps

Medicare does not cover all of the costs you will incur when receiving medical care. That is where a Medicare Supplement Insurance plan comes in. A Medicare supplement plan will help cover all or part of the costs that Medicare does not cover in Part A and Part B, such as copayments, coinsurance, and deductibles. Whole to partial coverage is provided through Medicare Supplement Insurance plans for the following:

  • Medicare Part A coinsurance and hospital costs
  • Medicare Part B coinsurance and copayments
  • The first three pints of blood used in a procedure
  • Medicare Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A and Part B deductibles
  • Medicare Part B excess charges
  • Foreign travel medical emergencies

No Medicare supplement plan will cover all items above, be it partially or in whole, once January 1, 2020 rolls around. At this time, the one plan that provides coverage for everything (80% for foreign travel emergencies and 100% for all other items) is Medigap Plan F. After 2020 begins, new beneficiaries will not be able to sign up for Plan F or Plan C.

Medicare Supplement Plans Help Cover Costs For Significant Health Challenges

If you visit the doctor often, receive many treatments, rely on medical equipment, need ongoing exams, or have a health condition that requires consistent monitoring and care, a Medicare Supplement Insurance plan can help lower your out-of-pocket costs. If you are in good health and do not anticipate needing any of the medical services above, you may be better served by a Medicare Advantage plan (Medicare Part C) thanks to its lower premium options.

Want More Information Or Assistance Choosing A Medicare Supplement Plan?

Medicare Supplements Insurance Agency is passionate about helping people choose the Medicare supplement plan that fits their needs. We can help you learn about the plans, lay out their costs, and discuss how each option would benefit you based on your health and medical care needs. Contact us today to learn more about our services, and be sure to explore our website for helpful information on Medicare supplement plans!

Learn More: What To Know Before You Choose A Medicare Supplement Plan