Medicare Supplement Plans
(Medigap)
Medicare Supplement plans cover 10 million Medicare beneficiaries. Also referred to as Medigap plans, these policies help pay for your share of Medicare expenses, such as your deductibles and co-insurance. Medicare supplement insurance plans are available for purchase in all 50 states and are very popular with people who want little to no copays when they access healthcare services.
Many people new to Medicare feel surprised to find that Medicare covers only 80% of your Part B expenses. The other 20% can be devastating to you financially if a serious illness arises. You can choose a Medicare Supplement that will pay some or all of that 20% for you, among other things. Supplemental insurance for seniors with Medicare essentially buys you peace of mind by eliminating that cost-sharing responsibility.
Medicare Supplement
Insurance plans to cover the gaps in Medicare that normally you would have to pay.
Your doctor or medical service provider bills Medicare for your service or procedure
Medicare pays the approved portion and sends the excess amount to your Medigap plan
Your Medigap plan pays the excess amount according to the terms of the plan you chose
Medicare Part B only covers 80% of your medical expenses. Medicare Supplement (Medigap) plans help pick up the excess costs.
Also, during your one-time open enrollment window, you are guaranteed the right to purchase a Medicare Supplement plan. Your health status does not matter when you buy a plan during this six-month window.
What is Medicare Supplemental Insurance?
Medicare supplements came into being shortly after Medicare was signed into law. Because you are required to pay for some things, like 20% of outpatient expenses, supplemental policies were created to pay those expenses for you. This allows people to feel less worry over how much each medical visit will end up costing them.
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 (and zero out-of-pocket with Plan F)
- 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 Supplemental insurance for seniors with Medicare is the most predictable back-end coverage that you can buy. You will know exactly what's covered for every inpatient or o
Some other things to know about Medicare Supplement insurance:
- You must have Part A and Part B to buy a Medigap policy.
- Medicare Supplement plans cover only one person. Your spouse must have his or her own individual policy.
- You can drop your supplement at any time. There is no annual election period for Medicare Supplement plans.
- The Annual Election Period in the fall is for drug plans. It does not apply to Medicare supplements in any way.
- Many carriers offer household discounts if two or more people enroll in Medicare supplemental plans from the same company
- Plans do not include Part D, so you'll add a separate standalone Part D drug plan
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