What is Medicare Supplement (Medigap) Insurance?
A Medicare Supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like co-payments, coinsurance, and deductibles.
If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits. Basically, it fills in the gaps or holes in Original Medicare. Together, they provide very comprehensive coverage.
Why choose a Medicare Supplement?
- Freedom of choice - see any doctor, any hospital, anywhere in the country. No networks, no referrals. About 97% of ALL doctors/hospitals in the United States accept Medicare.
- Comprehensive coverage - Medicare Supplement plans F, G and N provide very comprehensive coverage. Plan F is 100% coverage, no copays, deductibles or other costs. You don’t pay when you go to the doctor or are hospitalized, and Plan G only has a small $226 annual deductible.
- Rarely change - Medicare supplement plans, coverage and benefits rarely change from year to year. On the other hand, medicare advantage HMO plans change their benefits, deductibles, out of pocket maximum and their network of doctors and hospitals yearly.
- Peace of mind - you can have peace of mind knowing you can go to the very best doctor or hospital anywhere in the country.
With a Medicare Supplement, you pay more upfront on the premium and little to nothing on the backend when you use it.
It provides the greatest flexibility for doctor or hospital choice.
Even if you are healthy today, you should consider down the road in the future, when you get sick or have a major health issue, what type of coverage you have and which doctors or hospitals you can use becomes extremely important.
With a Medicare Supplement, you pay more upfront on the premium and little to nothing on the backend when you use it.
It provides the greatest flexibility for doctor or hospital choice.
Even if you are healty today, you should consider down the road in the future, when you get sick or have a major health issue, what type of coverage you have and which doctors or hospitals you can use becomes extremely important.
What you need to know about Medicare Supplement policies
1. You must have Medicare Part A and Part B.
2. If you have a Medicare Advantage Plan, you can switch to a Medicare Supplement insurance policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins.
3. You pay the private insurance company a monthly premium for your Medicare Supplement insurance policy in addition to the monthly Part B premium that you pay to Medicare.
4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
5. You can buy a Medicare Supplement insurance policy from any insurance company that's licensed in your state to sell one.
6. Any standardized Medicare Supplement insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medicare Supplement insurance policy as long as you pay the premium.
7. Medicare Supplement insurance policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
8. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you're switching back to Original Medicare.
Information obtained from www.medicare.gov
By contacting the phone number on this website you will be directed to a licensed agent.