Medigap Insurance Information
What is Supplemental Medicare?
Supplemental Medicare, 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 Supplemental Medicare, there is very little additional cost to you for healthcare beyond your 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 price. However, prices can vary widely between companies. We can help you weed through the options to find the right provider with the right price for you.
What should you know about Supplemental Medicare?
Medigap policies are available to anyone enrolled in Part A and Part B (hospital and medical insurance) of Medicare. Open enrollment, 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.
Your Medigap premium will be an additional charge on top of your Medicare Part B premium (Part A is free), and in return, you will receive more comprehensive coverage for your healthcare needs. If you have a Medicare Advantage Plan (Part C), be sure to cancel your coverage before your Medigap policy begins.
Why do you need Supplemental Medicare?
It is important to remember that Medicare does not completely cover your health care costs. A supplemental plan ensures a broader range of coverage so you do not have to pay out-of-pocket for each doctor visit. A low monthly premium will give you peace of mind as your need for health care grows.
Medicare Supplement Plan is not Medicare Advantage
Medigap is a comprehensive coverage and Medicare Advantage is the part C of Medicare. Medicare Supplements allow you to use any doctor or Hospital in the United States that excepts payment from Medicare.There are no networks in Medigap plans. All companies offering Medigap Policies file their claims automatically. If your procedure is a Medicare-approved claim, the Medigap company must pay it. You should not worry about filing a claim with Medicare or your insurance company. Any Medigap policy is guaranteed renewable even if you have health issues as long as you pay the premium.
If you have a Medicare Advantage Plan, you can apply for a Medigap plan, but you must cancel your Medicare Advantage before the Medigap Policy takes effect.
Contact us today to learn more about the 10 standardized 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.
Learn More about Medicare Supplements
Plan F Versus Plan G