Call Us 719-360-2795 ☰ ˟
Logo
Speak With A Licensed Agent
Phone 719-360-2795
  • Home
  • Blog
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Medicareline Insurance
    • Location Map
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Home > Blog > The Need For Medicare Supplement Plan
MONDAY, APRIL 11, 2016

The Need For Medicare Supplement Plan

The Need For Medicare Supplement Plan

The Medicare Health Program first came into existence upon President Lyndon Johnson's approval in 1965. Over the years, the benefits afforded by the law were expanded to include hospice care, physical rehabilitation and an outpatient prescription drug feature. The Medicare Modernization Act (MMA) amended the list of benefits during President Bush's administration. At present, the healthcare program has four coverage levels- A for hospital care, B for outpatient medical services, C for Medicare Advantage Plans which was excluded from the original Medicare list and D for prescription drug.

This healthcare program comes with limitations though. For instance, non-emergency ambulance costs are covered when the doctor attests the need for medical purposes. However, twenty percent of the amount will become out-of-pocket expense, under Medicare's approval. Not all expenses are covered by Medicare, hence, needing expenditure backups. The gaps in the healthcare program's benefits need external support if a comprehensive coverage is to be ensured.

A Medicare Supplement Plan, also referred to as Medigap plan, provides needed coverage for items barred from the Medicare policy. Supplement plans are usually catered by private health insurance companies and are standardized into twelve categories under Medicare regulations. The regulations specify that all supplemental plans offered by private insurers adhere to the standard categories and are designated by letters: A to D, F, G and K to N.

What costs can be covered under a Medicare supplement plan? Medigap policies include payments for A and B requirements for coinsurance and services related to emergency treatments. Charges in excess of Medicare prescribed rates or fees are also deductibles from Medigap benefits. The twelve categories further present various benefits to compensate for the different gaps under the healthcare law and insurers are obliged to comply under the respective categories.

Standardization of these plans maximizes benefits in as much as insurers are mandated to adhere to the regulation. Although the benefits are uniform under standardization, certain states have additional regulations for add-ons beyond the basic coverage of Medicare. Massachusetts, Minnesota, and Wisconsin are a few of the states having added guidelines for insurers' compliance.

However, Medigap policies exclude certain items. Long-term care, such as care in a nursing home, vision or dental care, grant of hearing aids and eyeglasses and availment of private-duty nursing are not normally included in the standard policy. What are usually covered are the gaps like copayments, coinsurance and the annual yearly Medicare deductibles. The need for a Medicare supplement plan can never be overemphasized. Cost-wise and benefit-wise, it encompasses the uncertainty in terms of financial availability and medical urgencies. It also stretches flexibility and the level of preparedness when worse situations come, physical health deteriorates and medical bills become heavier than expected. Or perhaps, even the worst case unimaginable.

As the famous adage goes, prevention is always better than cure. Health consciousness is a trend and as long as people care much for health and its quality over time, supplement plans will never be obsolete. Life is too short to be wasted and the best way to secure health prosperity is to prepare ahead for possibilities. Thus, the need for these supplement plans will always be imminent, no matter the time frame.

An article by John Clayton

Published at: https://www.isnare.com/?aid=1173856&ca=Finances

Posted 4:25 PM

Tags: medicare supplement insurance, medigap exclusions, medicareline insurance, medicareline.org, medicare colorado springs, medicare in colorado springs, medigap costs, medigap premium rates in colorado springs, medigap plan f, medigap plan g, medigap plan n, out-of-pocket expense, medicare in colorado springs,
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2018
  • 2016

  • medicareline insurance(17)
  • medigap plans in colorado springs(9)
  • medicareline.org(8)
  • medigap plans in colorado(7)
  • medicare part b(6)
  • medicare part a(5)
  • medicare supplement plans(5)
  • medicare supplement plans in colorado(5)
  • medigap in colorado springs(5)
  • medicare plans in colorado springs(4)
  • medicare(4)
  • medicare advantage plans in colorado(4)
  • medigap plan f(4)
  • (4)
  • medicare in colorado springs(4)
  • medicareline insurance in colorado springs(4)
  • medicare supplement plans in colorado springs(4)
  • medicare supplement insurance(4)
  • medigap plans(3)
  • medigap in colorado(3)
  • colorado springs(3)
  • medicare part d(3)
  • medicare part c(3)
  • medicare advantage plans in colorado springs(3)
  • original medicare(3)
  • long-term care planning(3)
  • medigap plan g(3)
  • medicare supplement insurance in colorado(2)
  • medigap(2)
  • medicare plans in colorado(2)
  • initial open enrollment(2)
  • medigap insurance plans(2)
  • medigap plan f in colorado springs(2)
  • colorado springs medicare plans(2)
  • indexed annuities(2)
  • medicare coinsurance(2)
  • fixed annuities(2)
  • colorado(2)
  • dental plans in colorado springs(2)
  • medicare deductibles(2)
  • medicare supplement plan f(2)
  • medicare costs(1)
  • turning 65 in colorado(1)
  • medigap coverage in colorado springs(1)
  • aarp dental insurance(1)
  • community-rated(1)
  • medicare supplement insurance in colorado springs(1)
  • financial planning(1)
  • part d medicare in colorado(1)
  • 2016 medicare part d(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Blog| About Us| Contact
P.O. Box 62434 | Colorado Springs, CO 80962
Phone: 719-360-2795 | Email: john@medicareline.org
Social Social Social Social
Logo

Powered by Insurance Website Builder