Medical Insurance supplement plans are tailored to work your usual Medicare Coverage. Note that this includes the coverage for both Medicare Part A and Part B. Often touted to Medigap Plans, these supplement coverages are primarily offered by medical insurance agencies. As evident from the name itself, these plans are tailored to help you pay the out-of-pocket fees for the services under Medicare. You can use these plans for paying deductibles, working out on co-payments, and paying the co-insurance. The coverage for these expenses will vary according to the plan.
In the US, Medical insurance supplement plans are offered in every major state. There are, however, some exceptions, namely Massachusetts, Wisconsin, and Minnesota. Since these states have pre-designed Medicare supplement plans, the usual insurance supplement plans do not apply here.
But what does a medical insurance supplement plan include and how much is it likely to cost? Well, that is what we are going to explore over the next few sections. Keep reading for a more detailed insight into this topic.
Senior Supplements Vs Medigap
Note that supplementary medical insurance plans are not the same as Medigap. Senior supplements are a type of supplemental health insurance package specifically tailored to meet the needs of seniors. These insurance plans include options like dental coverage, vision coverage, and the usual life insurance. Note that only private health insurance agencies sell these plans and they are not available via Medicare. You can purchase them at any point and these plans aren’t age-restricted either.
As with the parts of Medicare every plan comes with a different set of benefits and premium amounts. Some of them are co-insurance and deductibles. Note that Medicare plans won’t include vision, dental, or additional supplemental benefits for health insurance.
What Should You Keep In Mind While Choosing Supplemental Health Insurance Plans?
While your savings is one of the main determining factors for supplemental health insurance, there are other factors that you need to consider. The two most important things here are your health risks and the amount of insurance you’re able to afford. Note that you can also get supplemental plans for covering critical illness, accidental death, and accidental hospitalization. Before choosing any specific coverage, explore the options and pick one that best resonates with your needs.
How Much to Medical Insurance Supplement Plans Cost?
The average price of these supplemental plans for seniors will vary according to the health insurance provider, the type of coverage, and the overall benefit level you’ve chosen. Although the amounts are likely to vary, we’ll still offer a basic idea about how much you’re likely to spend. In the following section, we’ll take a closer look at the price of the common health insurance supplement plans.
Dental Insurance: This can range from $20 to $50 depending on your provider.
Vision: This is likely to range from $10 (for one individual) and go up to $18 (for two individuals).
Fixed Indemnity: This ranges from $106 to $256.
How Much Do Medigap Plans Cost?
As previously mentioned, the price of Medigap plans varies according to the state. They can also be classified into the following categories.
Community Rated Plans: The premiums of these plans won’t be based on the applicant’s age.
Issue-age Rated: The premiums of this package will depend on the age you’re buying it
Attained-age-rated: For these packages, the premiums usually increase with your increasing age.
The monthly premiums for Medigap plans range from $67 (Medigap F, which is a high-deductible plan) to a whopping $481 (Medigap B). As with regular supplemental health insurance plans, these plans are also available at varying price points. You need to explore your options and check the offerings before finalizing on your preferred plan.
Bottom Line
As previously mentioned, the cost of these plans will vary depending on the insurance provider you’ve chosen. So, explore your options and check the offerings before finally settling with your preferred coverage plan.
