You may hear some confusion about what are the differences between Medicare supplement plans and traditional Medicare. Here are a few points to think about:
Medicare supplement plans allow you to purchase supplemental coverage to the traditional Medicare plan. It provides coverage for certain services that are usually not covered by traditional Medicare. The actual services not covered can be determined by your health care provider.
Supplemental coverage is provided by your private health care provider. It is not a government program. Most providers of supplemental plans offer these plans. Medicare supplement plans are typically provided as part of an individual’s enrollment in an HMO or PPO health insurance plan.
They are paid directly from the insurance company. There is no cost sharing. The insurance company pays the Medicare benefits.
You can use the money you receive for Medicare to pay for health services you receive for your old age. If you are not fully enrolled in a supplemental plan, you can use the money to pay for these services. The money is not taxable income and will only be taxable if you become fully enrolled in a supplemental plan.
Medicare supplement plans are not funded by the government. Rather, the plans are funded by private insurance companies, hospitals, drugstores, and other vendors. Many providers of these plans are not members of the federal health care program.
If you switch from a single payer insurance plan to a supplemental plan, you do not need to worry about continuing with the same doctor. A physician may have made a different choice. If you wish to continue to receive your regular medical care, you should be able to switch to a supplemental plan.
There are some limitations to using a supplemental plan. For example, it will not pay for services covered by Medicare Part B. The provider of the supplemental plan may make a different choice for services covered.
Also, you cannot start or stop any medical treatment while on a supplemental plan. In addition, you may not get the full benefit of the coverage provided in the supplemental plan, unless you choose to pay the full premium. Save on Medicare supplement plans 2021 by visiting www.medisupps.com/medicare-supplement-plans-2021/
If you are receiving a Medicare supplement, you cannot change providers without asking your provider to switch to the supplemental plan. If your Medicare benefits are in jeopardy, your provider may also refuse to switch.
If you want to apply for supplemental plans and you know you have a Medicare Part D policy, you can request that your supplemental plan include Part D coverage. However, if you do not have Part D, your supplemental plan will not be accepted. Some plans will cover your Medicare benefits, but you may have to pay additional premiums for your Part D coverage.
Talk to your Medicare insurance agent today. He or she can help you determine which plan will best meet your needs and your budget.