WHAT IS MEDICARE SUPPLEMENT INSURANCE?
Medicare Supplement insurance, also known as Medigap, offers plans meant to cover the costs Medicare does not.
Consequently, it covers a wide array of payments:
- Deductibles
- Copayments
- Coinsurance
- International care
Medicare Supplement plans are offered by private insurance companies, and the benefits of the standardized plans are always the same. The only differences that occur are in the required premiums, as rates differ from insurance company to insurance company. Some states may have additional regulations concerning coverage.
Prices vary by location, age, sex and possibly current health conditions except for those turning 65, going on Medicare Part B for the first time, losing credible coverage, or qualifying for Medicare disability.
HOW DOES IT WORK?
Medicare pays for most medically necessary expenses. The remaining 20% is sent to Medicare who then forwards to your Medicare Supplement insurance company.
Like other insurance plans, Medicare Supplement plan policyholders must pay a monthly premium to receive services. This premium is paid in addition to premiums for Medicare Part B. (Most individuals do not pay for Medicare Part A, as it has previously been paid in payroll taxes during their working career.)
WHO SHOULD CONSIDER A MEDICARE SUPPLEMENT PLAN
To be eligible for a Medicare Supplement plan, individuals must meet the following criteria:
- An individual must be at least 65 years old, unless on Medicare Disability or has ESRD
- The applicant must have Medicare Part A and Part B.
ADVANTAGES
Medicare Supplement plans offer several benefits.
LESS PAPERWORK
Your Medicare Supplement plan sets up an automatic crossover with Medicare, so you do not have to file any claim paperwork. Your doctor simply sends the entire bill to Medicare, and Medicare forwards the remaining portion to your Medicare Supplement insurance company.
FREEDOM TO CHOOSE HOSPITALS AND DOCTORS
Insured individuals can go to any facility that accepts Original Medicare. Instead of being forced to pick from a list an insurance company provides, you’ll have more flexibility to choose the hospitals and doctors of your choice.
TRAVEL
If you travel between states or internationally, Original Medicare may not cover you in the event you would need care away from home. However, Medicare Supplement plans do provide additional coverage. As a result, vacations or business trips can be enjoyed fully.
COST
Medicare Supplement plans provide peace of mind knowing that most of your expenses will be paid by Medicare and the insurance company.
GUARANTEED RENEWABLE
Your Medicare Supplement plan cannot be canceled for any reason unless you do not pay premiums on time. Regardless of health or newly diagnosed conditions, your policy is guaranteed renewable.
PEACE OF MIND
If you’re retired or have low income, you have the freedom to choose your own hospitals and doctors without referrals and with limited out of pocket expenses.
Call today to speak with a licensed representative to find a plan to fit your financial goals and needs.
