Medicare Supplement plans, also known as Medigap plans, are designed to bridge the gap between Medicare and medical care. While Medicare does cover some of your medical costs, it does not cover them all. With the help of a Medigap plan, you can find coverage for some of the coinsurance, copayments, deductibles, and other fees that are remaining after Medicare has paid their part. Medigap plans are a great way to ensure that you can receive the medical care you need and the medical coverage that you deserve.
Medigap plans are standardized so the benefits are the same regardless of the company that offers them. For example, Medigap Plan G from one insurance company will be the same exact plan as Medigap Plan G from any other insurance company. This makes it a bit easier to shop around for Medicare Supplement plans and compare the benefits that you are receiving on a level playing field.
In today’s blog post, we are going to discuss some of the major costs that Medigap can help to cover. Continue reading to learn more, and if you are interested in speaking to an independent insurance agent who is knowledgeable about Medigap plans, and is dedicated to providing the members of our community with unparalleled customer service and advice, contact Medi-Solutions Insurance Agency, LLC today.
Eleven of the twelve standardized Medigap plans available cover part, or all, of the costs of the Medicare Part A (hospital insurance) deductible. You can choose to have anywhere from 50% to 100% of this deductible covered depending on the plan that you choose.
Only Medigap plans C and F offer coverage for Medicare Part B (medical insurance) coverage. While both plans cover 100% of this deductible, they are no longer available to anyone new to Medicare, beginning on January 1, 2020.
Another benefit of choosing to have a Medigap plan is that it can help to cover the costs of Medicare Part A coinsurance and hospital costs up to an additional year after your Medicare benefits have run out. Every single Medigap plan provides these benefits with 100% of the costs being covered. So, whether you choose a plan that has a higher monthly premium, or the least expensive option, you will receive this particular benefit.
Other costs that a Medigap plan can help to cover is the coinsurance and copayments of Medicare Part B. Plans can range from offering anywhere from 50% to 100% coverage, so you can choose the plan that provides the right combination of coverage for you.
If you currently have Medicare or your open enrollment period is about to begin, it is time to learn more about Medigap plans. These Medicare Supplement plans are designed to help cover some of the medical costs that Medicare does not, so you are not left with additional financial responsibilities. The coverage that we discussed today is just a part of what Medigap plans can cover. You can learn more from Medi-Solutions Insurance Agency. Reach out to us today to be connected to an experienced and helpful insurance agency.
Information is for educational purposes only and should not be construed as an offer of insurance, advice, or recommendation. The information provided is not intended as tax, financial, investment or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.
Not connected or endorsed by the US Govt or the Federal Medicare Program. Medi-Solutions Insurance Agency, LLC is an independent Life, Accident and Health Insurance Agency, NJ Ref#1642311. Some plans and features may not be available in all states.