Medicare Supplement Insurance (Also Called Medigap)
How does Medigap work?
Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. Medicare Supplement Insurance policies sold by private companies, can help pay some of the remaining health care costs for covered services and supplies, like copayments, coinsurance, and deductibles. Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. Generally, Medigap doesn’t cover long-term care (like care in a nursing home), vision or dental services, hearing aids, eyeglasses, or private-duty nursing.
Medigap Plans Are Standardized
Medigap must follow federal and state laws designed to protect you. Insurance companies can sell you only a “standardized” plan, identified in most states as plans A – D, F, G, and K – N. All plans offer the same basic benefits, but some offer additional benefits so you can choose which one meets your needs. Plans C and F are no longer available to people new to Medicare on or after January 1, 2020. However, if you were eligible for Medicare before January 1, 2020, but not yet enrolled, you may be able to buy Plan C or Plan F. People new to Medicare on or after January 1, 2020, have the right to buy Plans D and G instead of Plans C and F. If you’re eligible to buy one of these plans, other policies might offer better value.
What Else Should I Know About Medigap?
• Before you can buy Medicare Supplement Insurance (Medigap), you must have Part A and Part B.
• You pay the private insurance company a monthly premium for Medigap in addition to the monthly Part B premium you pay to Medicare. Also, if you buy Medigap and a separate Medicare drug plan from the same company, you may need to make 2 separate premium payments. Contact the company to find out how to pay your premiums.
• A Medigap policy only covers one person. Spouses must buy separate coverage.
• You can’t have drug coverage in both Medigap and your Medicare drug plan.
• It’s important to compare Medigap policies since the costs can vary between policies for exactly the same coverage, and may go up as you get older. Some states limit Medigap premium costs.
Want to find out more about the Medicare Supplement Plans available to you? Call or use our online contact form to request an in-home appointment to get your questions answered.
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