Medicare Supplement Plans
Medicare is one of the most well liked and accepted programs by seniors and those on Social Security disability. In our opinion, it is Not because Original Medicare Part A and Part B are all in one comprehensive coverage, because it is not. Original Medicare provides a foundation to your health care, kind of like a chassis to a car. If the car did not have options for doors. windshields, air conditioner, heater, and shocks just to name a few it would be a difficult and bumpy ride. It is the secondary insurance such as a Medicare Supplement (Medigap plan) that makes it so attractive and allows you to anticipate your annual healthcare expenses each year.
In addition, affordability of the Medicare program is a direct result of Medicare beneficiaries prepaying into the Medicare program for a minimum of 10 years prior to receiving benefits. The true cost of the benefit is not reflected in their everyday cost of Medicare.
Medigap plans allow you to mitigate some or all your out-of-pocket costs associated with Medicare services, lowering your overall health care expenses. Here is what you need to know about Medigap plans.
What Is A Medicare Supplement Plan?
Medigap, or Medicare Supplement Insurance, is a type of insurance that exists to fill the gaps that are left behind by Original Medicare. These plans are sold by private insurance companies who have been approved by Medicare to sell plans to their beneficiaries.
What Do Medigap Plans Cover
Medigap plans usually cover copayments, coinsurances, and a few pints of blood to be used in a medical procedure. But other plans cover significantly more than that. For example, Plan F provides comprehensive benefits. That means you can get coverage for your Part A and B deductibles, coinsurance, copayments, excess charges, and even foreign travel emergencies.
There are abundant options when it comes to Medigap, so choose wisely when you pick your plan. If you want to get the best plan possible, your best bet is to work with an insurance agent. They will help you find a policy that suits your specific lifestyle and health care needs.
What You Need To Know About Medigap
If you have a Medigap plan, Medicare will pay their approved portion of costs, then your Medigap plan will take over. Though, in order to have a Medigap plan, you must have both Part A and Part B of Medicare. That means, if you have Medicare Advantage, you won’t be able to enroll in a Medigap plan.
It’s also important to note that your Medigap plan will have a cost. All plans require members to pay a premium every month to maintain their coverage. How much your plan will cost varies based on your location and the plan you choose. To find out how much plans cost in your area, speak to an insurance agent now.
Find Medicare Supplement Plans
Medicare Supplement Insurance can help you lower your out-of-pocket costs. Don’t wait to enroll in a plan if you are already a Medicare beneficiary. If you wait too long, you may not qualify for coverage anymore.
Start lowering your Medicare costs now by getting in touch with a friendly agent, like Larry Klein.