Medicare Supplement (also called Medigap) is an insurance plan designed to “fill in the gap” and provide additional coverage to Original Medicare (Parts A and B). Original Medicare only covers 80% of most Medicare costs, leaving you responsible for the remaining 20%. With many procedures costing tens to hundreds of thousands of dollars, 20% can add up fast. However, with a Medigap plan, you will have more coverage for these expenses, which can include copays, coinsurance, and deductibles.
There are ten standard Medicare supplement insurance plans – A, B, C, D, F, G, K, L, M, and N and each offers different benefits that the U.S. government sets. All ten plans offer these basic benefits:
To apply for Medicare Supplement (Medigap) insurance, you must be enrolled in both Parts A and B of Original Medicare. You will be responsible for a monthly premium paid to the private insurance provider of your plan in addition to any premiums you owe to Medicare. Once in place, your Medicare Supplement coverage will be applied after Medicare covers their portion.
Even if you battle health problems, your coverage is guaranteed renewable and cannot be canceled as long as you pay your premiums. You will not be penalized for overuse but keep in mind that you can only buy one plan per person. This means your Medicare Supplement (Medigap) plan will only cover you, and your spouse will need their own plan.
Remember that Medicare Supplement (Medigap) Plans are not the same as Medicare Advantage plans. Medicare Advantage bundles Medicare Part A, and Medicare Part B with Part D prescription drug coverage, and often offers additional services. In fact, if you have a Medicare Advantage plan, you will not be eligible for supplemental insurance. It is illegal for an insurance provider to sell both an Advantage and a Medigap plan to the same Medicare participant.
Most people on Original Medicare end up getting some kind of supplemental plan such as Medicare Supplement (Medigap). Even though Medicare Supplement plans do not include services like hearing, vision, or dental, the coverage they do afford, is extremely important because it will cover your 20% or more copays and coinsurance with Medicare. These plans can provide much-needed coverage for out-of-pocket costs that Original Medicare does not cover.
To learn more about your Medicare Supplement options, give The Benefit Link a call today.
There is no charge to clients for our services. We would be honored to help walk you through this process!
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