Medicare Part A Supplement Insurance : 10 details that you need to know

Ten Details You Need To Know About Medicare Part A Supplement Insurance

1. Medicare Part A Supplement Insurance is Not the Same as Medicare Part A. Medicare Part A is the federal Medicare program while Supplement Plan A is provided through a private insurance company with a premium.

2. You Must Have Medicare Parts A and B to purchase Medicare Part A Supplement Insurance.

3. Supplement Insurance fills in the “Gaps” of Medicare coverage. Supplement Insurance was developed to fill in the gaps from the Medicare program and helps to pay for co-pays, deductibles, hospital stays and other benefits depending on the plan purchased.

4. Supplement A Plan provides the fewest benefits with the lowest premium cost. his is the most basic of all the Supplement Plans.

5. Only approved companies may offer Supplement Insurance. The Medicare Supplement Insurance is specifically designed to work in conjunction with Medicare. It is a standardized program and must meet Medicare guidelines to qualify as Medicare Supplement Insurance.

6. You may not have additional insurance to purchase Supplement Insurance. You may not purchase supplement insurance if you have Medicare Advantage, employer insurance coverage, Medicaid, VA coverage or TRICARE.

7. You must enroll during the enrollment period. Enrollment period typically lasts six months from the month you turn 65 or older and have enrolled in Medicare Parts A and B.

8. While companies are required to provide the same basic coverage in Supplement A, they are allowed to charge their own rates. The same exact plan may have a significant cost difference from one company-to-another, so shop around.

9. Spouses cannot be on the same Supplement Plan. Each spouse must have his or her own insurance policy.

10. Medicare Part A only provides three basic benefits: coinsurance for hospitalization that Medicare does not pay and an increase lifetime hospital stay to 365 days; the first three pints of blood that Medicare does not provide; and, pays approximately 20% of Medicare B for medical expenses such as procedures, supplies and services billed to Medicare by healthcare providers.

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