Find Out About The Different Types Of Plans Available For A Medicare Supplement Plan

February 17, 2021 / By Bob Williams

A Medicare supplement plan visit our website is not insurance. Rather, these plans pay the expenses you are responsible for independently from Original Medicare. These expenses can include: your Medicare premiums. Your Medicare out-of-pocket expenses. Your Medicare supplements (drugs, devices, physician visits, etc.) and some health insurance coverage that is part of your Medicare Part D plan.

To enroll in a Medicare supplement plan, you must be age 65 or older, be in complete financial stability, and meet other specific enrollment guidelines. There are many ways to enroll. You can do it online, call, or in person at your local Medicare provider. The easiest way to get started is online.

Medicare Supplement Plan F is for those whose income is lower and who are eligible for a skilled nursing facility (SNC) policy. A skilled nursing facility (SNF) is a hospital that specializes in long term, durable medical care. In order to be considered for a sna, you must meet certain criteria, including: have not enrolled in Medicare Part A for at least five continuous months, be in stable health, and have not been discharged from a hospital within the past three years. If you meet these requirements, your application will be approved for a Medigap policy starting on the first day you enroll in Medicare Parts A and B.

Medicare Supplement Plan J is for those whose income and assets are low and who do not qualify for a sna. Unlike the Medicare Parts A and B policies, this plan does not require any out-of-pocket costs. However, you must meet certain asset and income guidelines to qualify.

Most of the people who are covered by Medicare can get all three of the aforementioned plans if they do their homework and compare their quotes carefully. Those who do not have coverage should look into whether or not they qualify for Medicaid. Wisconsin residents may also qualify for health insurance coverage as a result of the Health Safety Act. Medicaid and WIC are jointly funded; therefore, Wisconsin residents who are eligible for one of these programs may also be eligible for Medicaid coverage as well.

Once you know which plan will best meet your needs, it is time to find out how much you will end up paying for the policy. Each plan varies on how much the monthly premium will be. The original Medicare benefits will pay 90% of your monthly premium. Your co-payment will be based on the monthly premium. You can save money by taking advantage of the no-premium option.