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As more Americans have Medicare, a growing number of senior citizens are asking what Medigap supplements can do for them. The original Medicare program, designed to assist those with chronic medical conditions, did not cover dental care or medicines. Now, Medicare Part A and Part B both include some type of supplement to help with everyday health-related concerns.
What exactly are Medigap supplements? When an individual receives Medicare, he or she is entitled to Medicare benefits that can include hospital stays, prescription drugs, and the usual array of routine care. However, because Medicare does not always cover inpatient hospitalization or pharmacy discounts, many senior citizens have turned to third-party organizations and other forms of medical assistance to bridge the coverage gap between Medicare and their private insurance.
Medicare Supplement plans are standardized plans that all Medigap beneficiaries are automatically enrolled in. Even though each plan may differ slightly, they all include a basic set of benefits. Each plan has two different premium plans: Plans A and Plan B.
The difference between these two premium plans lies in how much Medicare spending is anticipated at the end of the year: Plan A contains more Medicare spending than Plan B, so the former has a lower monthly premium. Although some Medigap beneficiaries may decide to switch to a Medicare Advantage plan once they’ve paid their initial Medicare part A premium, it’s usually a costly process and most seniors avoid it. Instead, they often select Medigap plans with similar Medicare benefits, which may not include the benefits they need.
Regardless of which plan a Medigap beneficiary chooses, there are several ways that Medigap plans can impact a patient’s Medicare coverage. First, Medigap plans will pay the same percentage of Medicare costs as other Medicare Part A plans. So even if Medicare costs go up, a Medigap plan’s costs likely won’t. Most plans also provide additional coverage for non-listed chronic conditions that aren’t covered under Medicare.
Unfortunately, it’s impossible to predict how much Medicare spending will increase in the coming years. In addition, the future coverage of prescription drugs isn’t outlined in Medicare benefits and it’s impossible to project how prescription drug costs will change over time. But even if you don’t have any non-Medicare prescribed medications, you should seriously consider starting a Medigap plan to supplement your Medicare coverage. Many seniors falsely believe that they’re taking all of their health care needs through Medicare when in reality, they’re leaving out an important source of prescription drug coverage.
Another way that Medigap supplements plans might impact your Medicare is if you take more Medicare than you need. There’s a Medicare Part D coverage called “aversiveness” that helps Medicare recipients who take several types of prescription drugs pay a portion of the cost of their medications.
But even though Medigap policies cover a large percentage of costs, some Medigap policies may increase the cost of your prescription medications if you’ve already exhausted all of the coverage available through Medicare. That’s why it’s so important to read the fine print of any Medigap policy you’re considering.
Finally, if you’ve been turned down for Medicare because of your current medications, you may want to consider speaking with a Medicare Supplement Insurance company about becoming part of one of their plans. There are many different Medigap insurance plans available, and because most are standardized by the government, they’re not expensive or limited in benefits. Many Medigap supplements plans offer more medications covered than do Medicare policies. And because all of the medications are already standardized, you’ll be able to get the same amount of medications covered by every other Medigap insurance plan.
