Covering Out-of-Pocket expenses
Medicare covers a lot of healthcare services, but it doesn’t cover them all completely. The patient is responsible for paying all out of pocket expenses. Depending on the health service, this can add up to a lot of money. This is why Medicare Supplement Plans were created. Read on to learn more about Medicare Supplement Plans.
Basics do Medicare Supplement Plans
Medicare Supplement Plans are plans offered by private insurers that are designed to work with different Medicare plans. In order to purchase a Medicare Supplement Plan, you must be enrolled in Part A and Part B of Medicare. You are covered by Original Medicare Parts A and B like normal, but your supplement plan will kick in and cover any out-of-pocket expenses your plan covers.
Structure of Supplement Plans
Supplement plans are offered by private insurers, but they have to meet certain federal and state guidelines. Each supplement plan is based on a template. These templates are labeled A, B, C, D, F, G, K, L, M, and N. While the exact details of each plan differ based on the plan and the insurer, the private companies still have to follow these templates.
Medicare covers many healthcare costs, but you’re still expected to pay certain costs out-of-pocket. Medicare Supplement Plans decrease the amount you have to pay in exchange for a monthly premium. For more information on supplement plans, contact us at Your Senior Insurance.