While Medicare Parts A and B cover a wide range of care and treatments for older Americans, some people still choose to purchase Medicare supplement insurance (sometimes called Medigap Plans), to give them even more health care coverage and protect them in the event of an illness or accident.
Medicare supplement insurance plans are standardized by Medicare, but they are sold and administered by private health insurance companies, so some plans offer different benefits than others.
In terms of prescription medications, some Medicare supplement insurance polices sold before 2006 may include coverage for prescription drugs. However, those policies sold after the introduction of Medicare Part D, on January 1st 2006, are prohibited from covering drugs.
In order to get Medicare supplement insurance, you must first be enrolled in either Part A or Part B. There is an "open enrollment" period for supplemental plans during which you won't need to get a physical examination in order to qualify - this period usually begins 3 months before your 65th birthday and ends 3 months after.
If you've missed the open enrollment period, you can still qualify for Medicare supplement insurance, but you may need to get a medical screening first.
Each of the supplemental plans is labeled with a letter, starting at A and ending at L, and they are sold and administered through private insurance companies. This is why different plans have different sets of benefits, and include different costs.
So be sure to shop around quite a bit for the supplemental insurance policy that really covers what you need, at a cost you can afford. Different states also have different rules regarding what should be covered by supplemental insurance, so be sure to ask questions like, "how much additional coverage do I get outside of what comes with the standardized plans," and "what are my premiums, deductibles, and co-pays going to be like?"
More Medicare Supplemental Health Insurance Resources
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Medicare Part D - Medicare Part D is the newest addition to Medicare itself; Part D went into effect January 1st, 2006, and...
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Medicare Supplemental Insurance - While Medicare Parts A and B cover a wide range of care and treatments for older Americans, some people...
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