A Medicare supplement insurance plan (also called “Medigap”) is private health insurance designed to supplement original Medicare. This means it helps pay some of the health care costs (“gaps”) that original Medicare doesn’t cover (such as co-payments, co-insurance and deductibles).
Medicare supplemental insurance plans may also cover certain things that Medicare doesn’t. If you are in original Medicare and you have a Medicare supplemental insurance plan, Medicare will pay its share of the Medicare-approved amounts for covered health care costs. Then your Medicare supplemental insurance plan pays its share.
Every Medicare supplemental insurance plan must follow federal and state laws designed to protect you. Medicare supplement plan insurance companies can only sell you a “modernized” Medicare supplemental insurance plan identified by letters A through N. Each modernized Medicare supplemental insurance plan must offer the same basic benefits, no matter which insurance company sells it.
Cost is usually the only difference between Medicare Supplement insurance plans sold by different insurance companies.
You can get a Medigap rate quote just by calling one of our experienced agents or by completing the "Easy Quote Form" above.
You have probably heard that Medicare pays up to 80% of your health care costs, including doctor visits, lab work, and hospital care (if you have both Medicare Part A and Part B). What you might not know is that means that Medicare covers 80% of the costs that Medicare has approved. If your doctor charges more than Medicare approves, you may pay much more than 20%.
You can see how your medical costs could easily add up very quickly if you rely on Medicare alone to pay your health care bills. The fact is that many people just can’t afford to pay the costs leftover after Medicare pays a bill, which is why they choose a Medicare Supplement insurance policy.
With the right Medigap insurance plan, your cost for that $100 doctor visit is $0, with no deductible, no co-pay, and no co-insurance costs.
Medicare has designed 10 Medigap plans that provide various kinds of coverage. Each of these plans are required to cover some basic Medicare benefits.
The Medigap plans offered are known as Plan A, B, C, D, F, G, K, L, M, and N. All Medigap insurance companies offer the same plans with the same benefits. The only difference between insurance companies is the cost of your monthly premium. The difference between the plans is the cost of your out-of-pocket expenses.
The advantage of choosing a supplemental Medicare insurance plan over Medicare Select or Medicare Advantage is that with a Medigap plan you have absolutely no network restrictions; in other words you can go anywhere for your health care as long as the provider accepts Medicare. Additionally, with some Medigap plans, such as Plan F, you will have little or no out-of-pocket costs.
Let our highly trained, licensed Medicare supplement insurance agents help you wade through the maze of Medigap information. We have already helped many Medicare recipients make important healthcare insurance decisions about their Medicare supplemental plans, and we can help you too!