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Medicare Supplement Insurance

Getting the Best Medicare Supplement Insurance in Johnson City, TN

After working hard for decades it’s finally time to think about retiring and taking life easy. This should be the best time of life with few worries and plenty of relaxation and entertainment. You have medical insurance but it may not cover certain things and there could be some major gaps in the insurance. This is the reason so many people are turning to Medicare supplement insurance. Let’s look at the example case of Fred and Myra M, living in Gray, TN.

Fred worked for a local car dealership in Eastern Tennessee for almost 40 years. He and his wife Myra never had much of a chance to travel and see the world. After retirement, the couple planned an around the world cruise, which would take them to many strange and exotic destinations. Before they left on vacation, Fred went online and purchased a Medigap insurance policy to cover the gaps in coverage he thought they may encounter after retirement. He thought all of these policies were pretty much the same so he didn’t spend a great deal of time shopping and he took the cheapest policy that was available. This turned out to be a major mistake.

Myra and Fred had a great time on their cruise. However, when they got to Sydney, Australia, Fred became ill. In fact, he got so sick he had to be taken to the hospital. It turned out to be pneumonia brought on by the flu. Fred was in the hospital for several days and it took some time for him to recover. However, he soon found out more bad news when he was told his Health Insurance policy didn’t cover foreign travel. Fred thought Medicare or his medical supplement insurance would pay for at least part of the expenses, but he was wrong.

What is a Medicare Supplement Policy?

A Medicare Supplement Insurance policy, sold by private companies, can help pay some of the health care costs that original Medicare doesn’t cover, like copayments, coinsurance, and deductibles.

Do I Have to Buy a Supplemental Policy?

Purchasing a supplemental policy is not mandatory but, many retired individuals and those on disability often choose to buy Medigap insurance. In fact, you also have the choice of transferring your health coverage to an HMO or PPO policy. These are commonly called Medicare Advantage Plans. This will give you more coverage options than standard Medicare. With an HMO policy, you have a primary care physician who coordinates your health care. In some cases, you may not need to pay additional premiums above your Medicare premiums, to receive this kind of health insurance coverage.

What Does a Standard Medical Supplement Insurance Policy Include?

You will find several types of coverage options when you shop supplemental policies. Here are some that are available:

  • Medicare Supplement Plan A – this pays for hospital related expenses and co-payments, but most do not cover the hospital deductible.
  • Part B co-payments
  • Hospice services
  • Blood transfusions (first 3 pints)
  • Foreign travel is not usually covered.

Additional Medicare Supplement Insurance Options

  • Medicare Supplement Plan B- Covers everything the Plan A covers as well as the Medicare Part A deductible.
  • Medicare Supplement Plan C – gives you Plan B coverage plus deductibles for Part B and nursing care are paid for. This is the coverage to buy if you plan to travel to foreign countries, because it will cover a percentage of foreign medical claims.
  • Medicare Supplements Plan D and Plan G policies – Plan D provides similar benefits to Plan C except Part B deductibles are not included. Plan G will also take care of Part B Medicare expenses in excess of certain limits.

Supplemental insurance options are regulated by the Federal Government. However, policy premiums can vary a great deal from one provider to another.

Finding the Right Medigap Insurance Policy

Healthcare is expensive and it can rob you of your retirement nest egg if you do not plan for the future. It’s important to have health insurance to supplement standard Medicare because Medicare will not pay for many kinds of health related expenses. However, there are several choices, when it comes to supplemental insurance and it’s best to speak to someone with expert knowledge on all the insurance products which are available. This is why many people in the Johnson City area come to Veritas Risk Management.

As an independent insurance agency, we have access to wide range of coverage options and we have access to more than one insurance carrier. In fact, we can show you insurance options from several companies, and help you choose the best policy for your healthcare needs.

To find out more about Medicare Supplement insurance, you can fill out our quote form and we’ll contact you. You also can call us at (423) 292-4142.

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