Medicare Supplement Plan
Medicare Supplement refers to different private health insurance policies sold in addition to Medicare, to supplement the original Medicare coverage for specific beneficiaries. Private health care insurance purchased through Medicare Supplement are not considered part of Medicare, but may be offered at a discount from Medicare Part A and Part B. In general, there are three kinds of Medicare Supplement policies available:
Medicare Advantage Plans is standardized plans provided by hospitals, nursing facilities, pharmacies, etc. to help make Medicare Supplement insurance more affordable for senior citizens. They usually cover some or all of the services normally offered by Medicare. There is no special Medicare Supplement insurance premium; however, a member’s monthly premium payment on a Medicare Advantage plan must always be less than the amount charged for a Medicare Parts A and B coverage.
Medicare Part A plans cover most of the usual medical procedures and disability income of individuals below the age of 65. Medicare Part B plans cover specific items and can often be used along with a Medicare Advantage plan to help make Medicare Supplement insurance more affordable. Medicare Part D is the prescription drug benefit that ensures coverage for drugs required by treatment for chronic diseases. Medicare Part A and Part B also have restrictions placed on them that mean they cannot be used as stand alone health insurance plans. Medicare Supplement plans cover items that Medicare cannot afford. These items include: vision care, durable medical equipment, hearing aids, and hospital room costs, medications, and some dental expenses.