If you are eligible for Medicare, you may be considering Medigap coverage and wondering how it could benefit you. In today’s blog post, we are going to discuss what a Medicare supplement plan is, how it works, the benefits, and how to know if you’re eligible. Continue reading to learn more and if you are interested in speaking to an experienced agent, it’s time to contact Medi-Solutions Insurance Agency, LLC. Our agents will work with you one-on-one to discuss your options and help you pick the right plan for you. Contact us today to get started.

What Is a Medicare Supplement Plan?

A Medicare supplement plan, also known as a Medigap plan, is a health insurance plan sold by a private company that supplements your Medicare health insurance. Medigap plans can supplement your Medicare in two ways: they help to cover the costs of deductibles, coinsurance, and copays, and secondly, they often offer additional benefits that are not covered by Medicare.

In order to be eligible for a Medigap plan, you must be signed up for both Part A (hospital insurance) and Part B (medical insurance) of Medicare. Medigap plans are regulated by both state and federal laws for your protection.  This means that no matter which insurance company you choose to purchase your plan through, the plans will be the same. For example, Plan A will offer the same exact coverage whether you choose to purchase it from Insurance Company #1 or Insurance Company #2. The prices of these plans may vary depending on the company, so it is in your best interest to utilize an insurance agency with experienced agents such as Medi-Solutions Insurance Agency, LLC to help you sort through the available plans and choose the one that is right for you.

Medigap Helps to Bridge the Gap of Original Medicare Costs

Original Medicare leaves the recipient to pay for deductibles, coinsurance, and copays. These costs can add up quickly, but with a Medigap plan, you can have many of these costs covered for you.
If you have just Original Medicare and you have a hospital bill that costs $2000, you will be expected to pay the 20% coinsurance. This means that Medicare will cover $1600 of your costs and you will be left to pay the remaining $400. However, if you have a Medicare supplement plan, the plan will pick up some, or all, of that remaining cost. How much the plan covers depends on the Medigap plan you choose. But without the additional coverage, you would be left to pay the entire $400.

With Medigap, You Can Choose the Plan that Is Right for You

There are 12 different Medicare supplement plans available that all provide slightly different coverage. You can choose a plan that provides only a little extra coverage or a plan that covers everything. When you work with the agents at Medi-Solutions Insurance Agency, LLC, we’ll explain each of your options so that we can find the one that works best for you. We can ensure that your plan will fit your needs as far as coverage and fits into your budget. Contact our team today to learn more about the Medigap plans available to you.

How to Know If Your Eligible for a Medigap Plan

In order to be eligible for a Medigap plan, you must have Original Medicare and sign up for both Part A and Part B. You should apply for Medicare supplement insurance during your open enrollment period. If you choose to apply after your open enrollment period is over, the private insurance companies are typically allowed to use medical underwriting to charge higher prices and decide your eligibility.

Plans available to you will depend on which state you live in and there are some other laws and regulations that govern Medigap insurance and eligibility that may apply on a case-by-case basis. The best way to understand your eligibility and which plans are available to you is to speak to an experienced insurance agent that specializes in handling Medicare and Medigap policies. When you contact Medi-Solutions Insurance Agency, LLC, we’ll provide you with all of the information you need to make an informed decision. Contact us to get started today.

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.

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