Before getting into finer details about Medicare Supplemental Insurance, the first thing which you should understand is what this insurance is. According to the dictionary a supplement is something that adds or completes something which is lacking. Similarly this supplemental insurance adds to the benefits of the government run original Medicare Insurance. These insurance plans are therefore also known as Medigap plans.
Original Medicare is a state run medical insurance program for people aged 65 years or above and for people who receive social security disability benefits for at least 24 months. It is possibly the best insurance plan in the United States and one of the best in the entire world. The premiums for hospitalization is paid by the state from the tax payer’s money and the premium for people newly getting Medicare in 2010 is only a paltry sum of around 100$.
While you are insured with Medicare, half of the costs are astoundingly low. You just have to pay around a 1000$ for an hospital stay of up to 60 days and just 20% of the approved amount when you go to the doctor to get tests done like MRI scans, etc. Also anyone with the insurance will have a lot of freedom in accessing healthcare facilities while traveling since you will always find a health facility that will accept Medicare.
But there are some gaps left by the original Medicare insurance and these are taken care by the Medicare Supplemental Insurance. These insurance are sold by different private companies and they have various schemes with a wide range of benefits. You can easily afford a few dollars for an x-ray or a regular doctor’s appointment but what happens when you are really sick or seriously injured in a major accident. At this point you will find that the Medicare scheme is no longer as robust as it appeared before. The payment of around 1000$ for a 60 day stay at the hospital can add up very quickly along with your share of expensive diagnostic tests. So at this point of time you will find only Medicare Insurance support inadequate. The supplemental insurance can take care of the additional expenses. Well the chances of a serious sickness or accident happening to someone are low but you must be prepared for it and supplemental insurance is the ideal way to prepare for any mishap.
Besides if you are qualified for Medicare Insurance you also are qualified to have Medicare Supplemental Insurance as well. The private firms selling these insurance are guaranteed to sell at the standard rate even if the person buying it is in some advanced stage of a dreadful disease. You can never lose the coverage of the supplemental insurance if you are paying the required monthly premium in due time. Medicare Supplemental Insurance are very affordable and ranges from 100$ to 130$ per month.
In 1990 the federal government of the United States of America standardized all Medicare Supplemental Insurance plans so that it is easier for consumers to shop for and compare various plans. Now there are 12 standard supplement insurance schemes marked with letters A-L. To put it simply all similarly lettered plans are identical regardless of which company is offering the plan.
Author Resource:
Medigap Buyers Guide is the author of this article on Medicare Supplemental Insurance .
Find more information about Medicare Supplement Quotes here.
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