According to the American Association for Medicare Supplemental Insurance, owners of Medicare Supplemental Insurance increased by more than three million people from 2010 to 2016. Why the big jump?
You may be aware that Medicare is made up of different plans. Individuals usually purchase more than one Plan to create more coverage over a broader spectrum. Plan A to cover hospitals, Plan B to cover doctors, and maybe Plan D for prescription coverage. As you can see, all Medicare plans have gaps in them. This is where Medicare Supplemental Insurance comes in handy.
But what exactly is Medicare Supplemental Insurance? If you’re asking yourself this, you’re not alone. We get so many inquires about Medicare Supplemental Insurance in Nevada, we’re dedicating a post to just that. Like you, many Medicare patients don’t understand supplemental insurance. Which means they could be missing out on help with extra costs, like copays and deductibles.
What is Medigap?
Medical Supplemental Insurance, referred to as Medigap, is designed to fill the gaps that your original Medicare plan doesn’t cover. It can help with costs like copayments, deductibles and coinsurance. For example, Medicare Plan B usually covers 80 percent of health costs while you would be in charge of the other 20 percent. Medigap policies are there to help make that gap smaller.
Depending on your Medigap plan, it can also help cover medical care needed while traveling outside the United States. However, Medigap does not usually offer benefits like dental, vision, hearing or prescription coverage. On the bright side, Medigap has no provider network. This means you can see any doctor that accepts Medicare.
How does Medigap work?
Private companies sell Medigap insurance, and consumers generally purchase it in addition to their current Medicare plan. Medigap is used in conjunction with other Medicare Plans and is not a substitute for comprehensive health care. In fact, you must have Medicare Plan A and Plan B to purchase Medigap supplemental insurance. Most importantly, you cannot use Medigap policies in addition to Medicare Advantage Plans. Medigap won’t cover copays, deductibles and premiums for any Medicare Advantage Plans.
It’s essential to have the right Medicare plan in place before purchasing supplemental insurance. For more questions regarding Medicare plans, visit our FAQ page.
Will I Pay a Medigap Premium?
All Medigap plans have a monthly premium that you’ll pay to a private insurance company, while continuing to make any other original premium payments to Medicare. For all health care costs Medicare will pay their approved amount first, followed by your supplemental insurance paying their share second.
For more information on the policies and procedures of Medigap, visit The Official U.S. Government Site for Medicare.
Medicare Supplemental Insurance can close the gaps in your original coverage, helping with costs like copays, deductibles and coinsurance. At Accurate Choice Insurance, we know that all the information on health coverage can be confusing at times. With dozens of Medicare Supplemental Insurance Plans to choose from the choices can be overwhelming. That’s why we’re here to help you choose the best insurance plan for your eligibility, needs and lifestyle.
If you have questions and would like to learn more about coverage options, contact us at info@accuratechoiceins.com or 702-425-4100!