Medicare supplement (Medigap) insurance can help pay some of the health care costs that Original Medicare does not cover, like copayments, coinsurance, and deductibles. These plans are designed to supplement Original Medicare Part A and B coverage.
Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs, and then your Medicare supplement insurance policy will pay its share.
Considerations:
- Cost: You pay the private insurance carrier a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare. Medigap plans typically have higher premiums than Advantage plans.
- Coverage: A Medigap policy covers one person. If you and your spouse both want Medigap coverage, we’ll work with you to set up two separate policies.
- Enrollment: You can enroll anytime, but the best time to apply for Medigap is during Open Enrollment–the same as Original Medicare enrollment–around your 65th birthday.
Benefits:
- Guaranteed: Any standardized Medigap policy is guaranteed renewable, even if you’re experiencing health issues or changes. This means your insurance provider can’t cancel your Medigap policy as long as you pay the premium.
- Flexibility: Medigap policies are not restricted by networks: you can use any doctor or hospital that accepts Medicare.
- No restrictions: Insurance companies must provide a policy, regardless of preexisting conditions.
Medicare Supplement Versus Medicare Advantage
It’s important to note that a Medigap policy is different from a Medicare Advantage Plan. An Advantage plan is a way to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
You cannot have both an Advantage and a Supplement Plan. If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can leave the Medicare Advantage Plan before your Medigap policy begins. Learn more about Medicare Advantage here [resource link].
If you’re not sure if you need Medigap, we can walk you through it. Contact us today [link].
