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Supplemental Insurance

Supplemental Insurance Helps Pay for Medical Care

Supplemental insurance is coverage that helps policyholders cover out-of-pocket costs that Part A and Part B of Medicare does not cover. This includes copayments, coinsurance, deductibles, and medical care needed when traveling abroad. Medicare pays up to 80% of medical costs, while supplemental insurance will help with what remains.

Enrollment Requirements

It is illegal to have supplemental insurance and Medicare Advantage Plan (Part D) at the same time. If you want supplemental insurance, then you will need to drop Part D coverage. You must also have Medicare Part A and Part B before you are eligible for supplemental coverage. The policy only covers one person, so your spouse will need their own coverage. The plan usually does not cover situations such as long-term care or private nursing.

The federal government regulates these plans, but they are sold by insurance companies. Laws and rules concerning supplemental plans change on a regular basis. You need to speak with an insurance agent to learn more about supplemental coverage, and to learn about what exactly is offered.

Supplemental insurance saves you money on your medical expenses. If you are eligible, then you should consider getting this coverage. The cost of medical care is very expensive, and supplemental insurance helps carry some of the burden.