Medicare coverage aids those above 65 years of age who can claim US citizenship, worked for more than ten years and contributed to social security taxes. Certain renal diseases and disabilities can also make someone eligible Medicare coverage. Medicare has two parts, Part A and B. Part A encompasses hospitalization coverage and long term care, while Part B refers to doctor visits and other outpatient services. Part B handles 80% of the bill, while the individual must pay the remaining 20%. For this gap in coverage, Medicare Supplement Insurance came along.

Medicare Supplement Insurance is sometimes called Medigap insurance. Many states require eligible applicants to apply for Medigap insurance within six months of receiving Part B coverage. The Medicare Supplement Insurance premiums are the responsibility of the insured. Most companies allow individuals to pay premiums on a monthly basis. The insured may also has the option to pay the premium for a full year. In these cases, death would be the only way to receive a refund on coverage costs. Many states put together Medicare Supplement Insurance price sheets for easy access to statewide average costs.

Unlike Medicare coverage, Medicare Supplement Insurance may can have a waiting period for certain pre-existing conditions.

Gaps in Medicare Part A Coverage Likely Covered by Medicare Supplement Insurance

The gaps in Medicare Part A coverage may include:

  • A deductible for each hospital visit.
  • Coinsurance benefits. Medicare typically covers the first 60 days of a hospital stay, requires payment of $248 per day from days 61 to 90, and $496 for days 91 to 150.
  • After 150 days, Medicare coverage of some illnesses may expire. This means they cut coverage. Medicare Supplemental Insurance can pick up the tab in many cases.
  • Nursing home care is covered for 20 days by Medicare, but from days 21 to 100 the insured must pay $124 per day according to the 2007 standards. Medigap insurance can help pay for days 101 to the end of the care term.
  • Medigap insurance may also help with the cost of an aide in home.

Gaps in Medicare Part B Coverage Likely Covered by Medicare Supplement Insurance

The gaps in Medicare Part B coverage include:

  • The annual deductible of $131 in 2007, before Medicare goes into effect.
  • Medicare works on a 80/20 breakdown. Medicare Supplement Insurance can help with paying the 20%.
  • Help with overcharges to Medicare covered visits. A doctor may charge more than Medicare has approved to pay for a service. In this case, the Medigap insurance can assist.

Medicare Supplement Insurance can be purchased for those who have Medicare. The benefits can become apparent after a few visits to the doctor. Each state should provide information on costs of Medicare Supplement Insurance.

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