Is a Medicare Supplement to correct plan for you?
What is a Medicare Supplement?
Medicare Supplement, or Medigap, is a plan sold by private insurance companies to fill in the coverage gaps and deductibles that Original Medicare does not cover. For instance, if Medicare covers 80 percent of a doctor’s visit, Medigap will cover the remaining 20 percent. With Medicare Supplement, there is little additional cost to you for health care beyond your monthly premium.
Medigap policies are standardized and regulated by law. This means that each company must offer the same plans (Parts A-N) with the only difference being the monthly premium. However, prices can vary widely between companies. So, why would you want to pay more for the same coverage? We can help you weed through the options to find the right plan which will fit your peace of mind but also your financial needs.
What should you know about Medicare Supplements?
Most called them Supplements, however the Government refers them as Medigap policies, however you want to call them, they are the same. Medigap policies are available to anyone enrolled in Part A and Part B (hospital and medical insurance) of Medicare. Initial enrollment Period (IEP), a time frame in which you cannot be declined coverage, begins either when you first enroll in Part B or when you turn 65. This six-month window is the best time to purchase your Medigap policy, but as long as you medically qualify, you can enroll at any time (unless you Have a Medicare Advantage plan, and you first have to dis-enroll from the Advantage Plan, however, you can only normally dis-enroll from the Advantage plan during AEP/OEP).
Your Medigap monthly premium will be an additional charge on top of your Medicare Part B premium (Part A is free, if you qualify), and in return you will receive more comprehensive coverage for your health care needs. If you are switching from a Medicare Advantage Plan (Part C), be sure to cancel your Advantage coverage before your Medigap policy begins (during the OEP/AEP).
Why do you need Medicare Supplement?
It is important to remember that Medicare does not completely cover your health care costs. Yes, Medicare generally does pay 80%, but keep in mind... the 20% does not have a ceiling or cap, so you could be responsible for 20% of a very large bill, if you only had Medicare without a supplement or Advantage plan. A supplemental plan ensures a broader range of coverage so you do not have to pay out-of-pocket with each doctor visit (depending on the plan you choose). A low monthly premium will give you peace of mind as your need for health care grows. Providers are contracted with Medicare and not your Insurance company, so your networks are more extensive then with an Advantage plan.
Contact us today to learn more about the 10 Medigap plans and what they can offer you. We will gladly answer any questions and help you select the plan that best meets your needs.
Medicare has neither reviewed nor endorsed this information.