Purchasing a supplemental Medicare insurance policy helps pay the balance that original Medicare insurance does not cover, such as deductibles. Some policies will pay medical expenditures incurred outside of the United States. Once the approved and covered expenditures have been paid by Medicare, the supplemental Medicare insurance can then pay their share of the cost.
Here are some important things you need to know about supplemental Medicare insurance:
- You need both Medicare Parts A and B in order to purchase supplemental Medicare insurance.
- If you have a Medicare Advantage Plan, the policy needs to be canceled prior to signing up for supplemental Medicare insurance. You cannot have both types of insurances.
- You will continue paying your Medicare part B insurance in addition to premiums for your supplemental Medicare insurance.
- Supplemental Medicare policies only cover one person; each person needs to purchase a separate policy.
- You are permitted to purchase supplemental Medicare insurance through any private company licensed in your state.
- Any standard supplemental Medicare policy is renewable regardless of your health. The insurance companies are not permitted to cancel your policy as long as premiums are paid each month.
- Supplemental Medicare insurance policies are not entitled to cover prescription drugs. If you want prescription coverage, you need to join Medicare Part D (Medicare Prescription Drug Plan).
- If you have a Medical Savings Account Plan, it is illegal to be sold a supplement plan.
Supplemental Medicare policies usually do not cover long-term and individual nursing care, glasses, hearing aids or vision care. Remember that some forms of insurance are not supplemental Medicare insurance, such as Medicare Advantage, Medicaid, Veterans benefits, Medicare Part D and TRICARE.
If you are looking for supplemental Medicare insurance, speak with an agent that can assist you with the type of insurance that would be best for you and your budget.
Ask about your options today. Call Sound Benefit Solutions at (925) 244-1330 for more information on San Francisco Medicare supplemental insurance.