Medicare Supplement plans, also known as Hospital Insurance plans (HIPs), are an additional plan that can be purchased if you are enrolled in another plan. Because HIPs are typically considered supplemental, they do not have to be paid by the insurance company. They are covered by the company paying for your main insurance policy.
Medicare is an insurance program for individuals who have reached a certain age and are now eligible for Social Security benefits. However, your family income and assets must meet eligibility requirements before you qualify for Social Security benefits. There are many government and private companies that provide health care coverage to seniors in this country, but you may qualify for more benefits than you initially believed you qualified for.
A supplemental plan is generally less expensive than your regular individual insurance policy. The major benefit is that you are able to choose the doctor and other providers that you want to use. You can choose from a list of available doctors and medical facilities as well as specialists, depending on what your needs are.
While you may think of a supplemental plan as only being for the senior citizens, this isn’t always the case. Anyone who wishes to supplement their health insurance with a supplemental plan can use the same plan that they would use if they had a regular plan. You do not have to switch to the new supplemental plan if you wish to keep your regular insurance.
If you do choose to use a supplemental plan, you can then use that health care plan to fill any gaps between the regular plan and the supplemental plan. Many senior citizens find it helpful to use their supplemental plan as the “back up” plan in case their regular insurance doesn’t cover enough services for them. For example, you could use your supplemental plan to fill in the gaps between when you have needed routine medical care and when you get your next medical checkup.
Before you enroll in a supplemental plan, it is important to understand how you will be billed. Every supplemental plan will charge a monthly fee for the care you receive. This fee varies from plan to plan. It can be anywhere from a low monthly fee to a high yearly fee.
Most supplemental plans will offer a basic benefit that you will pay for out of pocket. This plan will only cover the doctor visits and laboratory tests that your regular insurance company will not cover. You will also be able to receive outpatient care and prescriptions through the health plan.
If you have already been covered by a Medicare supplemental plan and you find that you are no longer eligible for it, you will be able to continue your health care coverage under your regular insurance. If you do this, you must notify your insurance company. Otherwise, you will be enrolled in a Medicare Part D program that will allow you to continue on Medicare.
If you are currently a Medicare recipient and you decide to use a supplemental plan, you will have to begin your Medicare Part A coverage right away. You may not be able to change to a supplemental plan and change to Medicare Part B. If you are unsure about your enrollment status, it may be best to contact your Medicare agent for clarification.
In addition to the fees that are required to be paid by the plan, the benefits and other privileges that you can gain from your plan are also included in the price. The plan will usually include various types of coverage including hospital care, prescription drugs, disability benefits, and doctor visits. If you purchase a plan through an HMO or PPO, there are a variety of different levels of coverage that you can choose from.
A benefit of Medicare supplement is a reduced premium. This is based on a person’s medical history only. If a person has a pre-existing condition, it is likely that their insurance company will give them a lower premium rate.
You will have to make sure that you understand the benefits and fees associated with your supplemental plan before you enroll. If you are having a hard time understanding some of the costs, it may be a good idea to contact a consultant who specializes in health care to help you figure out your specific coverage. before you start using the coverage.