Insurance policies mostly misinterpreted as Medicare Supplement plan

Medicare supplement plans are plans which covers those schemes and facilities that Original Medicare, or shall we say, Part A and Part B, do not cover. They proved to be more helpful regarding the health of individuals. Spikes in the health graph of the population adapting these policies can be easily witnessed.

There are things that one must not skip while issuing the policy of Medicare Supplement Plan, or Medigap; they do not cover everything.

Insurance plans that aren’t Medigap-

For sure, Medicare supplement plans are insurance plans. There are other insurance plans too, which the private company can provide; there are possibilities that these insurance policies or schemes may sound close to the Medicare supplement plan itself but one must be careful while issuing the insurance. Here is a list of Insurance plans that are not Medicare Supplement plan and are mostly misinterpreted as one.

  • Medicare Advantage Plans :- You can’t have Medicare Supplement plan along with the Medicare advantage plan. If you issue any one of them then you need to drop the other one. If you have Medicare Supplement plan then it is illegal for anyone to sell it to you the Medicare advantage Plan.
  • Medicare Prescription Drug Plans :-

This is also known as the Medicare Part D. It is an optional program, which is administered by the federal government of United States. As Part B of United States Medicare has covered all the professional drugs, it helps an individual to pay the Self-administered prescribed drugs.

  • Medicaid: – This insurance is especially for low-income individual. Those individuals eligible for Medicare Supplement plans and Medicaid are benefited with the extra support provided by the Medicaid, i.e. Medicaid covers the out-of-pocket cost that Medicare left.
  • TRICARE:- TRICARE is like the safety guard for the saviors. This is the best insurance policy for an on duty, off-duty, or even for a retired army officer. It is only for the members of Uniformed Services and the National Guard. Indeed, it is very much different from that of the Medicare Supplement Plans, but has very fine policies for those who are fighting for nation.

The list still goes long; there are still lots of policies which are misinterpreted as same as Medicare Supplement plan. One should be remain cautious while issuing a policy of Medicare Supplement plan or a policy related to it.