Medicare Supplement Plans are the need of the hour, many of you would agree with me on that. These plans basically supplement your general medical insurance. With rising life expectancy and changes in lifestyle, pollution in the environment you cannot do without a proper Medicare plan.
What normal medical insurance does not cover?
There are various clauses in your normal medical insurance plan, irrespective of whichever player you buy it from. Firstly, they will cover only 75% of costs or a definite figure whichever is lower. Then, they do not cover pre-existing diseases like hernia, diabetes, asthma, gall bladder ailments. There is a buffer period of 2 years or more for different states. All medical insurance plans do not pay for nursing facilities. These are a few of the limitations of your general medical insurance plan.
Different categories of Medicare Supplement Plans
There are 10 different Medicare Supplement Plans in the market.
Plan A, B; K and L are all budget plans. Plan A is a non- comprehensive plan. It provides basic Medicare facilities which all other plans offer, such as co-insurance and hospital costs. It has got a low monthly premium.
Plan B is similar to plan A, but additional benefits include payment of 100% of Medicare Part a Deductible. It is for those, who are looking for mandatory minimum coverage.
Plan K is another low premium plan, which covers 50% of Medicare Plan A deductible and also 50% of nursing cost.
For Plan L, coverage goes upto 75% of Medicare Plan A deductible and also 50% of nursing cost. It also pays for approximately 1100 ml of blood.
Now, comes the moderate coverage plans like M, D, N, and F*. Plans C, G and F cover are all comprehensive plans.
Medicare Supplement Plans M, D, N and F* includes foreign travel medical expenditure coverage, skilled nurses services costs, coverage of most Medicare supplements cost, blood costs. These plans offer budget coverage and few facilities of comprehensive plans.
Medicare Supplement Plans C, G and F cover all of the medical costs not covered under your general insurance plan. They cover all your out- of – pocket costs. Plan F is the most popular of the lot. It provides 100% coverage under most heads.
Now, you have to decide, which the right plan is for you and your family. With a huge range of features, you definitely need these plans to meet your medical expenses.