A Medicare supplement, also known as Medigap, is private health insurance that helps pay for some of the healthcare costs that Original Medicare (Part A and Part B) doesn’t cover. These costs may include deductibles, copayments, and coinsurance.
Here are some key points about Medicare supplements:
Supplemental Coverage: Medicare supplements are designed to complement Original Medicare coverage by filling in the gaps. They don’t provide stand-alone coverage but work alongside Medicare.
Standardized Plans: Medigap plans are standardized by the federal government, meaning that the benefits for each plan are the same, regardless of the insurance company offering the plan. However, the premiums may vary between insurance companies.
Coverage Options: There are several standardized Medigap plans, labeled with letters (such as Plan A, Plan B, etc.). Each plan offers a different combination of benefits, allowing beneficiaries to choose the one that best meets their needs.
Freedom to Choose Providers: With a Medicare supplement, beneficiaries can typically see any doctor or specialist who accepts Medicare, without needing a referral, as long as the provider accepts Medicare assignment.
Premiums: Beneficiaries pay a monthly premium for their Medicare supplement plan, in addition to the premiums for Medicare Part B.
Portability: Medicare supplement plans are typically portable, meaning beneficiaries can keep their coverage if they move to another state, as long as the insurance company offers plans in that state.
Guaranteed Renewability: As long as premiums are paid, Medicare supplements are guaranteed renewable, meaning the insurance company can’t cancel the coverage as long as the beneficiary continues to pay the premiums.
Medicare supplements can provide peace of mind by helping to cover out-of-pocket costs associated with Original Medicare. However, it’s important for beneficiaries to review plan options carefully, considering factors such as coverage, premiums, and their individual healthcare needs, before selecting a Medigap plan. Additionally, Medicare supplements do not cover services not covered by Original Medicare, such as dental, vision, or hearing care. There are certain enrollment periods which do not require underwriting. However, outside of the specific open enrollment periods, entering or changing Medigap plans may require underwriting, and you can be declined for health reasons.
For more information visit the Medicare website at www.medicare.gov and call Stephen Georges at 207-200-6363.
