Medicare Supplements
Also called Medigap plans, are plans that fill in the “gaps” not covered by Medicare alone. New Medicare recipients often assume there will be no cost for medical coverage once Medicare has started; however, this is not true. Medicare recipients are required to pay some costs, such as the 20% fee for outpatient expenses. A Medicare supplement plan is secondary to Medicare and pays for the remaining fees not covered by Medicare. A supplemental policy gives individuals peace of mind to not worry over the remaining cost of medical bills. Medicare supplemental policies usually cost a little more than other plans, because they are more comprehensive in coverage.
Some advantages to having a Medicare supplement plans:
- Individuals can go directly to the physician and specialist of choice, meaning that there is no need of any referral or pre-approval
- Nationwide coverage – Can be used anywhere in the United States
- Guaranteed renewable – The policy renews as longs as premiums are paid. The insurance company can NEVER drop you or change your coverage due to a health condition
- No paperwork when it comes to claims – Medicare supplement companies have crossover filing with Medicare
- If the doctor accepts Medicare, he will accept the Medicare supplement as well
- If an individual moves, his/her coverage goes with him/her
Additional things to know about Medicare supplement insurance:
- To purchase a supplement you must have Medicare Part A (Hospital Coverage) and Part B (Outpatient Coverage)
- Supplements only cover one person
- Many companies/carriers offer a household discount on monthly premiums
- Supplements can be changed any time during the year (underwriting questions may apply)
Medicare supplement policies offer individuals comprehensive coverage. In addition, supplements allow individuals the freedom to choose healthcare providers.
It is always a good practice to review your drug plan and your supplemental coverage. As your independent agency, we can give you free and unbiased assistance. We work for you and the not the insurance companies. If you have any questions concerning your current medicare supplement policy, please give us a call at 1-877-756-9005. Also, be sure to check the supplements overview page: Medicare Supplements, or if you prefer to view a holistic side-by-side Medigap plan overview head over to Medicare site by clicking HERE!
