Medicare Supplements

What you need to know about Medicare Supplements (Medigap)

What is Medigap?: Medicare Supplement Insurance, also known as Medigap, is designed to help cover some of the costs that Original Medicare (Parts A and B) doesn’t cover, such as copayments, coinsurance, and deductibles.
Why Consider Medigap?: Medigap plans provide financial protection by covering out-of-pocket expenses, offering peace of mind, and reducing the unpredictability of healthcare costs.

Supplementing Original Medicare: Medigap works alongside Original Medicare, meaning you must be enrolled in both Medicare Part A and Part B to purchase a Medigap policy.
Coverage Details: Medigap policies cover various gaps left by Original Medicare, depending on the plan type. Some plans cover foreign travel emergency care and excess charges.
No Network Restrictions: Unlike Medicare Advantage plans, Medigap allows you to see any doctor or specialist who accepts Medicare, offering flexibility in choosing healthcare providers.

Plan A: Covers basic benefits like Medicare Part A coinsurance and hospital costs.
Plan B: Includes all of Plan A’s coverage plus the Medicare Part A deductible.
Plan C: Offers comprehensive coverage, including the Medicare Part B deductible (no longer available to new enrollees as of 2020).
Plan D: Covers similar benefits to Plan C but without the Part B deductible.
Plan F: The most comprehensive plan, covering all gaps in Original Medicare (no longer available to new enrollees as of 2020).
Plan G: Offers similar coverage to Plan F, excluding the Medicare Part B deductible, and is a popular choice for new enrollees.
Plan K, L, M, N: Provide varying levels of coverage, with cost-sharing features like coinsurance and copayments.
Click here for more information

Predictable Costs: Medigap plans help make healthcare costs more predictable, reducing the risk of high out-of-pocket expenses.
Guaranteed Renewable: As long as you pay your premium, your Medigap policy can’t be canceled, providing long-term security.
Nationwide Coverage: Medigap plans offer nationwide coverage, meaning you can use your benefits anywhere in the U.S. with any healthcare provider that accepts Medicare.
Foreign Travel Emergency: Some Medigap plans cover emergency care when traveling outside the U.S.

Eligibility Requirements: To buy a Medigap policy, you must be enrolled in Medicare Part A and Part B. Medigap is available to individuals aged 65 and older and, in some states, to people under 65 with certain disabilities or conditions.
Medigap Open Enrollment Period: The best time to buy a Medigap policy is during your Medigap Open Enrollment Period, which lasts for six months starting the month you turn 65 and are enrolled in Medicare Part B. During this period, you have guaranteed issue rights, meaning you can buy any Medigap policy without being denied coverage or charged higher premiums due to health conditions.
Guaranteed Issue Rights: In certain situations, such as losing other health coverage, you may have guaranteed issue rights outside of your Medigap Open Enrollment Period.

Coverage and Flexibility: Medigap plans supplement Original Medicare and allow you to see any doctor or specialist that accepts Medicare, while Medicare Advantage plans often have network restrictions.
Costs: Medigap plans typically have higher monthly premiums but lower out-of-pocket costs for medical services. Medicare Advantage plans usually have lower premiums but may involve higher costs when you receive care.
Additional Benefits: Medicare Advantage plans often include extra benefits like dental, vision, and hearing, which Medigap does not cover. However, Medigap offers more comprehensive coverage for out-of-pocket costs associated with Original Medicare.

Coverage Needs: Consider your healthcare needs, budget, and how often you see healthcare providers. If you travel frequently, a Medigap plan with foreign travel emergency coverage may be beneficial.
Costs: Compare premiums, deductibles, and out-of-pocket expenses. Some plans offer lower premiums with higher cost-sharing, while others have higher premiums but more comprehensive coverage.
Plan Availability: Not all Medigap plans are available in every state. Check which plans are offered in your area.

Call 229-500-6609 to find out more information