Medicare Supplement (Medigap)

What Is Medigap (Medicare Supplement Insurance)

Medicare Part A and Part B are provided by the federal government and that is your primary insurance. Medicare Supplements offered by insurance companies only supplement Medicare Part A and Part B coverage by filling in the gaps in Medicare that you would have to pay (deductibles, coinsurance, and copays).

Medicare as your primary insurance gives you nationwide coverage for doctors and hospitals – you can use it anywhere in the United States. If a doctor or hospital accepts Medicare, they will also take your Medicare Supplement, regardless of which company provides the coverage.

Medicare only covers 80% of the cost of doctor and outpatient services, leaving you with 20% coinsurance. Medicare Supplements cover the other 20%. Medicare has a sizeable deductible of $1,556 for inpatient hospital care and expensive daily copays. Medicare Supplements cover the deductible and the daily copays.

Between Medicare and your Supplement, you will know exactly what is covered and what your costs will be for every medical service and treatment leaving you with low, predictable medical expenses.


How To Choose A Medigap Plan

Your current health and the frequency that you must visit doctors.

Think about future healthcare needs. It’s important to choose carefully because there’s no guarantee you’ll be able to switch plans later.

Do you want to be able to see doctors who are out of state?

A plan with a premium you can afford.

Compare monthly premiums from different insurance companies.

Which company has the most stable rate increases?


When Is The Best Time To Join A Medigap Plan

When you first enroll in Part B of Medicare at age 65 or older, you only have six months to enroll in a Medicare Supplement where your acceptance is guaranteed. Pre-existing health conditions are covered with no waiting period. When that six-month period ends, you can apply for a Medicare Supplement later at any time, but you must answer the health questions on the application. Your application could be declined if you answer yes to any of the health questions.

You only get one opportunity to enroll in a Medicare Supplement where your acceptance is guaranteed. Either you use it or lose it forever. Don’t miss this chance to get the Medicare Supplement plan of your choice regardless of any health conditions.


Medicare Supplement Plan G

Medicare Supplement Plan G is the most popular supplement. It offers the most comprehensive coverage of any of the Medicare Supplement Plans. With Plan G, you only have one bill to pay each year. That is the Part B annual deductible which is $233 for 2022. Once this deductible is met, Medicare will pay 80% of your medical bills, and Plan G will pay the remaining 20%. You’ll have no more medical bills for the rest of the calendar year.


Medicare Supplement Plan N

With its low premiums and fantastic coverage, Medicare Supplement Plan N is quickly becoming one of the more popular Medicare Supplement Plans. Just like Plan G, you are responsible for the Part B deductible, and after the deductible is met, Medicare covers 80% of your medical bills, and Plan N pays the remaining 20%. In exchange for a lower monthly premium, there is a $20 copay for a doctor’s office exam and a $50 copay for an emergency room visit if you are not admitted into the hospital. Plan N has a lower premium than Plan G and has experienced lower rate increases.


Questions About Medigap? Call Steve Today at 205-290-8648