Know Everything about Medicare Supplements Plans

The Medicare Advantage Plans in Texas is an additional insurance plan that you purchase over and above the traditional Medicare policy. You will have to pay a premium in order to buy this policy. The Medicare supplement plans are popular insurance plans and to be able to purchase the same you need to be enrolled with the original Medicare policy.

The original plan pays for your Part A coverage, which includes hospital insurance, and Part B coverage, which includes medical insurance. Under this plan, you do not get coverage for the health-related services. The Medicare supplement plans pay for these out of pocket expenses that you would have to bear in case you continued just with the traditional Medicare plan. The amount that you incur towards the hospital bills could be substantial, and thus it pays to purchase the Medicare Advantage Plans In Texas.

Know the details about the Medicare supplement plan

Here are a few details about the Medigap plan that you should be aware of:

• You should have Medicare Part A and Part B first before buying the Medigap plan.

• Even if you have the Medicare Advantage Plans in Texas, you can apply for the Medicare supplement plan, but you would first have to surrender the Medicare Advantage Plans.

• The insurance company will charge you a monthly premium amount which is above the Part B premium that you pay towards the Medicare plan.

• The policy offers coverage to a single person only. So if your other family members too want to buy the plan, then they would have to buy individual policies.

• You can buy the policy from a private insurance company only.

• The policy can be renewed and thus until you continue to pay the premium the policy stays in force.

If you have the Medicare plan and then buy the Medigap policy, then the Medicare will pay for the amount that is approved towards health costs. The remaining amount is paid by the Medigap policy. The Medigap policy only supplements the benefits that the original Medicare plan offers.

Buying the supplement coverage

The Medicare supplement plans are highly advertised, and these are not very expensive, but you need to take care not to end up buying a duplicate plan. So the factors that should let you decide whether or not you need the Medigap plan are:

• Does your health plan offer good coverage for the expenses towards your health?

• Do you have enough savings to pay the out of pocket expenses?

• What is the likelihood of you getting injured?

• Have you done the math that will let you decide whether it is beneficial to buy the medical supplement insurance plan?

The Medicare supplement plans also come with some limitations so make sure that you understand them.

Limitations of the Medigap plan

• The Medigap plan is more expensive than the traditional Medicare plans.

• The premium amount for the same plan varies between companies so take care to research well before purchasing one.

• The premium amount is not fixed but increases every year for the same coverage amount.

• If you are six months past your 65th birthday, then you will have to qualify to buy the Medicare supplement plan.

• The prescription drugs are not covered under this plan.

• Acceptance into this plan is not guaranteed.

Is it worth purchasing the Medigap policy?

If you have the traditional medical plan but do not have any supplement coverage, then the amount that you pay out of your pocket could be huge. The hospital charges could be phenomenal, and there is no limit on the amount that you may have to pay towards it. The Medigap plan pays for these expenses that the original plan does not pay for. Thus if you have the original Medicare plan as well as the medical supplement plan, then the original Medicare plan covers your health expenses, and the Medigap plan pays towards the other expenses.