Also known as Medigap, Medicare Supplement plans help to pay for your Medicare Expense. Things Supplements pay for include deductibles, co-pays as well as co-insurance.
Since Medicare only covers 80% of Part B expenses, many folks choose to add Medicare Supplemental Insurance in order to cover the 20% that isn’t covered by Medicare.
Some advantages of a Medicare Supplement policy are things like choosing your own doctors or hospitals, nationwide coverage, and no referrals to required before you can see a specialist.
Some folks are surprised to find out that their Medicare coverage only covers up to 80% of their Part B costs. Part B costs are things like doctor’s visits, ambulance transport, and other outpatient services. So it is easy to see how these costs can add up quickly. The 20% you have to pay can very easily be a very large number, and one that most people don’t budget for.
People that don’t want to be on the hook for this 20% can choose supplemental insurance to cover them in case they have to pay this extra amount. For many people, this extra piece of mind is worth it.
There are many good reasons to choose a Medicare Supplement plan to add on and fill the gaps in your Medicare coverage, such as:
Most importantly, Medigap coverage isn’t meant to be the only coverage you have. You must have Part A and Part B (Original Medicare) before you can apply for supplemental plans.
Also, you should know plans are standardized between insurance companies. The same Plan F sold by one company will cover the SAME EXACT THINGS as the Plan F sold by another insurance company. However, the price may vary. Once you know what Plan you want, it is best to shop around for the best price.
Medicare Supplements (Medigap) only cover one person. When you get a Medigap plan, you are only getting coverage for yourself!
Finally, any Part D (Drug Coverage) you have is totally separate to your Medicare Supplement plan. This means, you can shop around for the best Part D coverage, and the best Supplemental insurance prices!
If you ever need help finding your best options – contact a Medicare Coach! Our job is to coach you through the process of getting the best bang for your buck. And the best thing is – this service is completely free. You’ll never pay a dime to have a Medicare Coach help you.
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