Helping you find the best Medicare supplement insurance (Medigap) solutions
Are you a Medicare enrollee struggling with the varied out-of-pocket expenses not covered by your plan? You may want to consider coverage that fills in the gaps in your Original Medicare. By purchasing Medicare supplement insurance, you can partially alleviate some of your cost-sharing burden.
What is Medicare supplement insurance?
Medicare supplement insurance, also referred to as Medigap insurance, is an insurance plan created by private insurers to help offset some of the expenses not covered by your Original Medicare plan.
Medicare, the federally-funded health insurance program for seniors and those with certain disabilities is divided into Parts A, B, C and D. Each part offers a different type of medical coverage for things like hospital stays and outpatient care such as physician services and tests.
However, you’re still responsible for a variety of cost-sharing requirements such as deductibles, copayments, coinsurance and limits on how much Medicare will pay for certain expenses. Medicare supplement insurance plans can cover the gap between the expenses reimbursed by Medicare Part A and Part B and the total amount charged.
All Medicare supplement insurance plans must offer the same basic level of insurance. For example, for Medicare Part A, these plans must cover the coinsurance on hospital costs, up to an additional 365 days after Medicare hospital benefits have run out. Additionally, these plans must cover between 50 and 100 percent of the coinsurance and copay requirements of Medicare Part B.
However, you still have a choice of a number of different types of plans. Each plan features a different set of benefits. Some states require an additional level of benefits beyond the standard coverage requirements. Premiums for each of the plans can vary greatly due to the wide range of benefits that are offered. Note that insurance companies can charge different premiums for the same level of benefits.
If you’re thinking about enrolling in a Medicare supplement insurance plan, there are some things you should keep in mind. For example, these plans cover only one person. So, if both you and your spouse need coverage, you will each have to purchase a separate policy.
Also, if you are enrolled in a Medicare Advantage plan, it’s not necessary for you to choose a supplement plan. Medicare Advantage already covers the benefits offered by Medicare supplement plans.
If you’re thinking about enrolling in a Medicare supplement plan, it’s important that you review your various options and compare the rates of different insurance providers. However, because there are so many insurers to choose from, price comparisons can be a challenge. Medicare Benefits Direct can help. Our Instant Quote Engine can locate the lowest, most competitive Medicare supplement rates. Contact one of our specialists today!
