Medicare Supplement Plans (MSBP) are supplemental health insurance plans that have provisions to supplement and replace the coverage provided by your private health insurance plan. A Medicare Supplement Plan is basically a preferred provider organization (PPO), which allows you to choose your own doctors and hospitals.
These Medicare Supplement Plans generally provides services, including medical equipment, diagnostic tests, laboratory work, prescriptions, x-rays, emergency services, medication assistance, and other services from physicians and clinics. Many of these services, such as diagnostic testing, laboratory tests, and medications are often not covered by your private health insurance. With the introduction of Medicare Supplement Plans, many of these services are now covered by the government.
Medicare Supplement Plans is available in both Part A and Part B plans. For Medicare Supplemental Plans, the federal government has set out rules regarding the manner in which the rates for services can be determined.
In terms of Part A of Medicare, an individual is eligible for coverage if they are 65 years old or above. Individuals under the age of 65, who are seeking coverage for the first time, can get Medicare Supplement Plans for their first ten visits.
The eligibility guidelines for Part B Medicare Supplement Plans include any individual who is a recipient of Social Security disability benefits. Individuals who do not have Social Security Disability Benefits may qualify for Part B Medicare Supplement Plans if they meet specific eligibility requirements.
Medicare Supplement Plans differ in how they cover each individual’s benefit. Medicare Supplement Plans, also known as Preferred Provider Organizations (PPOs), often require that you use the preferred providers who are members of the PPO.
With Medicare Supplement Plans, one can be insured for his/her entire life. In addition, Medicare Supplement Plans covers preventive services without you having to pay a co-payment as does private health insurance. Compare Medicare Supplement plans for 2020 now.
Medicare Supplement Plans is offered by Medicare Part A, Medicare Part B, Medicare PPO, and Medicare Special Supplemental Insurance. The policies include coverage for prescription drugs, emergency care, non-emergency care, diagnostic tests, laboratory tests, x-rays, as well as short-term disability benefits. Many Medicare Supplement Plans includes coverage for outpatient care, surgical procedures, mental health care, durable medical equipment, and hearing aids.
Medicare Supplement Plans is not the same as Group Health Plans. Private health insurance groups also offer Medicare Supplement Plans but do not offer this type of coverage.
What makes Medicare Supplement Plans different from Group Health Plans is that it allows you to select your own doctors and hospitals. Unlike private health insurance, Medicare Supplement Plans will not change your doctor’s office or hospital preference when you switch from a Part A to a Part B Medicare Supplement Plan.
Medicare Supplement Plans typically cost more than Private Health Insurance Plans. Because of the higher cost, Medicare Supplement Plans are usually bundled with group health insurance policies to save on both costs and expenses.
Medicare Supplement Plans are designed to help you keep your health insurance coverage current while providing the benefits you expect. With the supplemental health insurance, you will have access to many of the same health care services and coverage that you had when you were receiving medical care from your health insurance company.