Medicare Supplement (Medigap)

What Is Medigap (Medicare Supplement Insurance)


Medicare Part A and Part B are provided by the federal government and are your primary insurance when you are no longer covered under an employer group medical plan. Medicare is primary because they approve your claims and pay most of your medical expenses for inpatient or outpatient medical care.

Medicare Supplements (Medigap) 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 Supplements are considered your secondary coverage.

When Medicare is your primary insurance, you have 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 doctor and outpatient medical care costs, leaving you with 20% coinsurance. Medicare Supplements will cover the other 20%. Medicare Supplements cover the hospital deductible (inpatient care) and the daily copays. Medicare has a sizeable deductible of $1,556 for hospital care and expensive daily copays.

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


How To Choose A Medigap Plan


The current state of your health and the frequency you visit doctors.

Think about your future healthcare needs. There is no guarantee you’ll be able to switch plans later when your healthcare needs change.

Do you want to be able to see any doctor or hospital of your choice?

Do you want to be covered when traveling anywhere in the United States?

Compare plans and monthly premiums from different insurance companies to find the coverage and costs that fit your budget.

Choose a company with a good track record of low, 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 all the health questions on the application. The insurance company could decline your application for a Medicare Supplement 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. Don’t miss this chance to get the Medicare Supplement plan of your choice, regardless of your health conditions.


Medicare Supplement Plan G


Medicare Supplement Plan G is the most popular supplement because 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 some doctor office visits 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