What is a Medicare Supplement
What is a Medicare Supplement? A Medicare Supplement, sometimes called Medigap, is a type of health insurance sold by private insurers to cover the “gaps” in Original Medicare.
Medicare pays many costs for your healthcare, but not everything. There are copayments, coinsurance and deductibles. With out coverage you would be responsible for those cost gaps.
If you have a Supplement policy, Medicare will first pay its share of your medical expenses then your Medicare Supplement pays its share. Some plans also cover costs that Original Medicare does not cover. In most cases that could mean that all or most of your expenses are paid. However, it depends on which type of Supplement plan you had.
Medicare Supplement Policies are Standardized
Every Medicare Supplement plan must follow strict federal and state guidelines created to protect you, and it must clearly be identified as “Medicare Supplement Insurance”. In total there are 10 standard Medicare plans. Each standardized plan is identified by a letter: Plan A, Plan B, Plan C, Plan D Plan F, Plan G, Plan K Plan L and Plan N.
All plans offer the same basic benefits but some offer additional benefits, so you can choose which one meets your needs.
Because the Medicare supplement plans are standardized, the monthly premium is the only difference between supplements with the same letter name. This means you can shop multiple insurance companies to find the best rate.
Some of the primary advantages of a traditional Medicare supplement policy are:
· Freedom to choose your own doctors and hospitals
· No referrals required to see a specialist
· Predictable out-of-pocket expenses for Medicare-covered services
· Nationwide coverage – you can use it anywhere in the United States
· Guaranteed renewability – the insurance company can never drop you or change your coverage due to a health condition
Need more info? Don’t hesitate to contact our agency for more information and quotes. Call (833) 265-9655
Don’t hesitate to contact our agency for more information and quotes for all of the companies that offer plans in your area. Call 833-265-9655 below or click below for help.