Protecting Your Beloved Possessions

Understanding The Basics Of Medicare Supplement Insurance

Medicare supplement insurance is private insurance designed to help cover the things that Medicare does not. For example, Medicare supplement insurance will cover most of your doctor's visit copays, deductibles, coinsurance, and similar expenses. With a Medicare supplement policy, you won't have to worry about much in the way of medical bills. However, there are some things that you need to know before you buy a supplement policy.

Prescriptions Still Aren't Covered

Anyone who has Medicare knows that prescription medications aren't covered under Medicare's insurance. However, it's important that you also know that Medicare supplement insurance also won't cover prescriptions. You still need to invest in Medicare part D coverage in order to have prescription medication coverage. 

Add-On Coverage Is Available

Most Medicare supplement insurance policies don't offer dental, vision, or hearing coverage. However, that doesn't mean that you can't get coverage for these things. Your supplement insurance provider may offer stand-alone options for add-on coverage. Ask your agent about the options available so that you can get the coverage that you need, but make sure you understand the limitations and coverage amounts for those add-ons.

Prices Can Vary

You might wonder how much Medicare supplement insurance will cost you. The truth is that the premiums for this insurance will vary based on the type of policy you choose as well as the carrier. For that reason, it's in your best interest to make sure you shop around before buying your supplement insurance. Make sure you're getting the coverage you need and look for a fair price for the policy.

Supplements Aren't Advantage Plans

Without a thorough understanding, some people mistakenly believe that Medicare supplement policies are the same thing as Medicare Advantage plans. They are, in fact, quite different. Medicare Advantage plans are policies that roll all of your Medicare coverage into one plan. You will be restricted to the network providers for this coverage.

Medicare supplement plans are in addition to your Medicare plans. And you won't be limited to the network providers. You can use your Medicare supplement insurance anywhere that Medicare is accepted.

The more you understand about Medicare supplement insurance, the easier it is to see why you should invest in this coverage. Talk with a Medicare supplement provider near you today to explore the policies that are available and to find one that is right for your unique medical situation, your budget, and your overall needs.