This is the fifth of a five-part series on the Parts of Medicare.
Once you’ve enrolled in Medicare Part A, B and D, things are looking good. You’ve got coverage for most of the medically necessary expenses you’ll face, usually with a low monthly premium.
But when it comes time to use that coverage, you may be surprised by the copays, deductibles and coinsurance that you still must pay. Suddenly, Medicare might not seem as affordable. That’s why millions of people are enrolled on Medicare Advantage and Medicare Supplement plans. Today, we’re going to look into Medicare Supplements.
Medicare Supplements do exactly what the name says: they supplement your Medicare! It’s kind of like this: Back in the day, your dad may have given you $5 for a ticket to a baseball game, but won’t give you any extra for snacks. (C’mon dad, how can you enjoy a baseball game without a hotdog?) The ticket is covered, but if you want anything else, it’s going to cost you more of your hard-earned paper-route cash. As you walk out the door disappointed, your mom saves the day when she gives you a couple extra bucks to cover that hot dog.
You need to be signed up for Parts A and B before you can sign up for a Supplement plan. If you have any questions about selecting the plan that makes the most sense for you, contact a Licensed Sales Agent at Get Benefits today by calling 1-800-697-9596.
In this scenario, your dad is like Original Medicare and your mom is like a Supplement plan. Medicare will cover a large part of your expenses, but the balance of your medical bills (the hot dog) is up to you. That’s where a Supplement plan comes in. Depending on the plan you choose, you can get a wide range of coverage options for costs not covered by Original Medicare.
You pay a monthly premium – in addition to your Part B premium – when you sign up for a Supplement plan, and have access to any doctor in the country that accepts Medicare. The plans are administered by private insurance companies, and generally only help cover the services already covered by Parts A and B. Additionally, Supplement plans sold after 2006 don’t cover prescription drugs, so if you get a Supplement plan, you will still want to consider a Part D prescription drug plan.
There are a lot of options when it comes to Supplements, everything from Part K plans, which help a little bit, to Part F plans, which help a lot. The right plan for you depends on a lot of factors, which is where the Licensed Sales Agents at Get Benefits come in: we help you make sense of what your best options are.
You need to be signed up for Parts A and B before you can sign up for a Supplement plan. Check out our previous articles for more info about how to sign-up, or you can request our free “Steps to Medicare” guide for easy-to-follow instructions on getting set-up with Medicare.
Thanks for reading our series on Medicare! If you have any questions about selecting the plan that makes the most sense for you, contact a Licensed Sales Agent at Get Benefits today.