A MedSup policy, also known as Medigap or Medicare Supplement, can help you to lower out of pocket costs by filling in the gaps of Medicare.
Medicare A and B ‘help’ to pay the health care costs for Medicare participants. There are, however, a number of gaps that require a participant to pay out of pocket. In some cases these out of pocket costs can be significant, even many thousands of dollars. Some examples are below.
- Co-Payment – An amount you may be required to pay as your share of the cost for a medical service or supply, like a doctor’s visit or a prescription. A copayment is usually a set amount, rather than a percentage. For example, you might pay $10 or $20 for a doctor’s visit or prescription.
- Co-Insurance – An amount you may be required to pay as your share of the costs for services after you pay any deductibles. Coinsurance is usually a percentage (for example, 20{4041723e139b6b4f31dddbe6d75f16c77973055679a7bb523e38f021bdade945}).
- Deductible – The amount you must pay for health care or prescriptions, before Original Medicare, your prescription drug plan, or your other insurance begins to pay.
- Excess Charges – If you have Original Medicare, and the amount a doctor or other health care provider is legally permitted to charge is higher than the Medicare-approved amount, the difference is called the excess charge.
Medicare Supplement plans exist to ‘fill in’ these gaps and help protect Medicare Participants from high and at times unexpected medical payments.
Is a MedSup plan right for you? It could help cover certain out–of–pocket medical costs not covered by Medicare itself. Out–of–pocket costs increase with age and deteriorating health conditions. You can protect yourself and be covered from some of these expenses by paying a monthly or annual premium. Plus, having Medicare Supplement coverage can provide additional freedom to visit a provider that does not accept Medicare Assignment.
Medicare Supplement Plans make sure you are prepared and protected from costly medical expenses. ASBA is here to help. Learn more.
SOURCE: https://www.moneytalksnews.com/the-abcs-selecting-medicare-supplement-plan/
