Medicare Supplement (Medigap)

What Is Medicare Supplement Insurance (Medigap)

Medicare becomes your primary insurance when you enroll in Part A, and Part B.  Medicare pays first and approves your claims.

Medicare Supplements (Medigap) offered by insurance companies only supplement Medicare by filling in the gaps in Medicare that you would have to pay (deductibles, coinsurance, and copays). Medicare Supplements are considered your secondary coverage.

With Medicare, 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 office visits, outpatient medical services, and treatments, leaving 20% coinsurance. Medicare Supplements cover the 20% coinsurance. 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.

Combining Medicare with a Medicare Supplement, you will know what is covered and your cost for every medical service and treatment—leaving you with low, predictable medical expenses. That is essential when you are on a retirement income.


How To Choose A Medicare Supplement

  • 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 record of low, stable rate increases.


When Is The Best Time To Enroll In A Medicare Supplement

When you first enroll in Part B of Medicare at age 65 or older, you have a one-time opportunity to enroll in a Medicare Supplement where your acceptance is guaranteed. You do not have to answer any health questions on the application. Pre-existing health conditions are covered with no waiting period. Suppose you don’t take advantage of the opportunity to enroll when your acceptance is guaranteed. You can apply for a Medicare Supplement later at any time, but you must answer the health questions on the application. If you answer yes to any of the health questions, your application will probably be declined. 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 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 Medicare 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

Medicare Supplement Plan N is quickly becoming a more popular Medicare Supplement Plan. In exchange for a lower monthly premium, there is a $20 copay for some doctor’s office visits and a $50 copay for an emergency room visit if you are not admitted into the hospital. Like Plan G, you are responsible for the Medicare Part B deductible. After the deductible is met, Medicare covers 80% of your medical expenses, and Plan N pays the remaining 20%. Plan N not only has a lower premium than Plan G but has experienced lower rate increases.



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