Medicare Supplement Medigap
What are Medicare Supplements?
A Medicare Supplement policy helps pay some health care costs that Original Medicare doesn’t cover. Parts A and B only cover up to 80% of your expenses, so private insurance companies offer plans to help you cover the remaining costs. These policies are known as Medigap.
A Medigap policy helps cover things like copayment, coinsurance, and deductibles. However, you will still pay both the Medigap policy the Part B’s monthly premiums.
Medicare Supplement plans are standardized into ten different plans in the United States. These plans are labeled Plan A through N, which will differ between companies. While companies are not required to offer all ten plans, they must provide at least Plan A, Plan C, or Plan F.
To be eligible for Medicare Supplements, you must have Medicare Parts A and B. Like Medicare Parts A and B, a Medigap policy can only cover one person. However, you cannot purchase a Medicare Supplement plan if covered under Medicaid or Medicare Advantage.
What is covered by Medigap?
Medigap policies are offered through private insurance companies, so the coverage varies.
As these plans are standardized, they will provide, at the very least, the essential benefits of a Medigap plan. The main difference will usually come from what you will pay for your premium. For example, while Plans F and G may cover 100% of the remaining cost, they will have high premiums.
As Medigap is intended to assist with the out-of-pocket costs that Original Medicare does not cover, most plans will cover the same things that Original Medicare does, and conversely, will not cover the things it does not. These include hearing aids, eye exams, glasses, dental, custodial care, long-term care, and prescription drugs (which must be covered under Medicare Part D).
How do you enroll in a Medicare Supplement?
A person becomes eligible for a Medicare Supplement insurance plan three months before they turn 65 and three months after their 65th birthday. This period is called the Medigap Initial Enrollment period. It is recommended that those seeking Medigap apply during this period, as it is more likely, they will not be denied coverage based on their health. Coverage denial is far more likely if Medigap enrollment is delayed.
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If your 65th birthday is approaching, call Golden Senior Benefits. We work with and sell the policies of numerous insurance companies to provide you with the best option for your needs.
Medicare Supplements
Also known as Medigap, Medicare Supplements help pay the leftover 20% that Parts A and B don’t cover. They essentially "cover the gap".
Medicare Advantages
Also referred to as Part C, private insurance companies contracted with Medicare offer these plans. They provide all of your Part A and B benefits.
Prescription Drug Plans
Also known as Part D, this is an optional benefit that covers your prescription drugs. It is offered to everyone who has Medicare.