3 Top Tips on How to Avoid Choosing the Wrong Medicare Plan
Affordable MediGap – Medicare Supplement Health Insurance
What is Medicare / MediGap Coverage?
Medicare Supplement plans are meant to cover some of your medical costs that fall outside your Medicare Plans A & B coverage. This helps particularly with deductibles and premiums, allowing you more predictable costs since original Medicare only covers 80 percent of costs.
These plans allow you all the same rights as your Medicare program and do not limit the physicians you’re required to see. Medigap policies have ten standardized plans: A, B, C, D, E, F, G, K, L, M and N. Laws passed in 1990 require that each of these policies offers the exact same benefits no matter what company you purchase the policy from. This means that the only difference will be the premium you pay.
What do you need to know before you purchase MediGap coverage?
- A Medicare Supplement plan is a cost in addition to your Medicare Part B premium.
- Rates vary by age. Depending on which plan you choose you may or may not have any deductibles to meet prior to coverage beginning. Medicare and the insurance company will cover cost above these deductibles for doctor and hospital expenses.
- Part D prescription coverage has a monthly cost in addition to the Medicare Supplement and will vary in
cost per month based on the insurance carrier chosen. The Part D drug benefit helps to lower the monthly out-of-pocket expense for prescription drugs.
- A MediGap policy can be purchased from any licensed company in your state of residence.
- As long as you pay your MediGap premium, you are guaranteed the option of renewal, even if you’ve developed health conditions.
- If you have a Medicare Medical Savings Account, it is illegal for a broker or company to sell you a MediGap policy.
- MediGap policies on average do not cover long-term care, dental, vision, private-duty nursing, hearing aids and glasses.
Helpful Medigap Links