Understanding Medicare Supplement Insurance: A Look At The Facts

One of the challenges of Medicare insurance is the coverage limitations that you might experience. Unfortunately, many people need more coverage than is available under the standard Medicare umbrella. That's what Medicare Supplement Insurance is for. Often called Medigap coverage, it is intended to help cover costs and bridge the financial gap that Medicare leaves behind. Here are some of the things that everyone should understand about Medicare Supplement plans before you actually need it.

Medicare Supplement Insurance Does Not Cover Everything 

One of the most common misconceptions about Medicare Supplement Insurance is that it will cover all of your healthcare-related expenses. The fact is that most Medigap policies will cover a lot of your out-of-pocket expenses, including costs for coinsurance and deductibles on your Medicare plans, but this coverage typically doesn't extend to covering things such as dental care, long-term care needs, or prescription medications. It is important that your expectations are clear about the benefits and uses of Medigap coverage before you invest.

Medicare Supplement Insurance Is Not Medicare Advantage Coverage

The terminology surrounding different types of Medicare coverage can be confusing, especially when you aren't really familiar with the options. Some people confuse Medicare Supplement Insurance and Medicare Advantage coverage and assume that they are the same thing. The truth is that Medicare Advantage policies are a separate insurance plan that replaces standard Medicare coverage, while Medicare Supplement Insurance is an addition to your standard Medicare policy. If you are already selecting traditional Medicare coverage, you can add Medicare Supplement Insurance for additional coverage.

Medicare Supplement Insurance Policies Are Easy To Change

You might worry that, once you choose a Medicare Supplement Insurance policy, you'll be stuck with that coverage whether it works for you or not. The truth is that these policies are easier than you think to change. If you find that your Medigap coverage isn't the right option for your situation, you can explore other choices and change your policy. It's important to compare those options carefully though, because each one has its own costs and coverage restrictions.

Medicare Supplement Insurance May Restrict Pre-Existing Condition Coverage

Some supplement plans have restrictions on coverage for pre-existing conditions, leaving you with a waiting period before your coverage will actually apply to an existing condition. Make sure you understand the waiting period and the coverage limitations so that you can adequately prepare for any coverage you might need during that time.

Talk with your Medicare Supplement Insurance provider today for more details about your options.