What does Medicare supplemental insurance cover?

Medicare supplemental insurance plans don’t work like traditional health insurance policies. As such, they won’t explicitly cover the same items those plans do. Instead, Medicare supplemental insurance does exactly what its name implies: it supplements your other insurance protections. Specifically, Medicare supplemental insurance can cover:

• Medicare deductibles (both parts A and B)
• Co-insurances
• Co-pays
• Hospital costs

But Medicare supplemental insurance, also known as Medigap, will only kick in after Medicare has made a contribution to the bills for the above items. So plan your insurance protections accordingly.

“Medigap plans are insurance that help to cover the ‘gaps’ in Original Medicare,” CoverRight, a health insurance platform that works on Medicare plans, explains online. “In other words, Medigap plans help to pay for the out of pocket costs such as deductibles, copays and coinsurance that you are responsible for under Original Medicare.  Medigap can only be used with an Original Medicare plan and does not cover prescription drug cost (Part D) or any extra benefits.”

But if you continuously find yourself stuck with partial bills left over after Medicare has already been applied, then a supplemental plan could be worth pursuing. Get started by reviewing your Medicare supplemental insurance

Is Medicare supplemental insurance worth it?

Knowing what Medicare supplemental insurance covers is critical, but is worth it for you? Here are three signs it may be:

• Medicare may not be enough: Everyone’s personal financial circumstances are different. In some cases, Medicare may be sufficient. But if you continually open your mailbox to discover leftover bills after Medicare was applied, a supplemental policy may be valuable for you.
• Your budget is limited: If you have plentiful savings and reliable income still coming in, then you may be able to rely on that to pay the remaining Medicare balances. But if you don’t and your budget is limited (especially now during inflation), a supplemental plan could be smart to pursue.
• Peace of mind: Your retirement years should be best experienced with as little stress as possible. While that’s not always possible, you can do your due diligence to avoid unexpected and expensive bills. A Medicare supplemental plan can help.

Learn more here today.

The bottom line

Medicare supplemental insurance can supplement your other insurance protections, paying for the balance left from deductibles, co-pays and more. But you will need a Medicare plan first before getting started with a supplemental as a backup. But don’t just consider it as a supplement, as this unique form of insurance can help boost your budget and provide some extra peace of mind so you can focus less on your finances and more on the things that are important to you.