It's time to hit the EASY button with a Medicare Supplement policy!
|
Medicare Supplement plans (also called Medigap) are private health insurance plans designed to supplement Original Medicare (Parts A & B). Original Medicare pays for much of the costs of covered health care services and supplies but what is left over is your responsibility to pay. Medigap policies fill these "gaps" in coverage and may significantly reduce, and is some cases, eliminate this financial exposure, depending on the plan you select. You may not buy a Medigap plan if you have a Medicare Advantage Plan (Part C). You may buy a separate Prescription Drug Plan (Part D) if you have a Medigap policy. A Medigap policy only covers one person. Spouses must each buy their own policy. |
|
|
Medicare Supplement insurance companies are regulated by both federal and state laws. Medigap plans are identified by letters and plans are standardized (with the exception of MA, MN, and WI, which offer different standardized plans). Each plan must offer the same basic benefits no matter which insurance company offers it. For example, all Plans N are the same in coverage. Some plans have more benefits than others. So what makes them different? Rates and rate stability, underwriting criteria, customer service and the financial strength of the insurance company. |
So why do Medicare Beneficiaries want a Medigap policy?
|
|
Check out the chart below for an overview of plans:
The chart to the right shows basic info about the different benefits that Medigap policies cover for 2018. The percentage indicates how much of the benefit is covered. The policyholder is responsible for the rest. A blank means there is no coverage for a benefit.
* Plan F is also offered as a high‑deductible plan by some insurance companies in some states. If you choose this option, this means you must pay for Medicare‑covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,240 in 2018 before your policy pays anything.
**For Plans K and L, after you meet your out‑of‑pocket yearly limit and your yearly Part B deductible ($183 in 2018), the Medigap plan pays 100% of covered services for the rest of the calendar year.
*** Plan N pays 100% of the Part B coinsurance, except for a co-payment of up to $20 for some office visits and up to a $50 co-payment for emergency room visits that don’t result in an inpatient admission.
(This data is from MEDICARE & YOU 2019)
The chart to the right shows basic info about the different benefits that Medigap policies cover for 2018. The percentage indicates how much of the benefit is covered. The policyholder is responsible for the rest. A blank means there is no coverage for a benefit.
* Plan F is also offered as a high‑deductible plan by some insurance companies in some states. If you choose this option, this means you must pay for Medicare‑covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,240 in 2018 before your policy pays anything.
**For Plans K and L, after you meet your out‑of‑pocket yearly limit and your yearly Part B deductible ($183 in 2018), the Medigap plan pays 100% of covered services for the rest of the calendar year.
*** Plan N pays 100% of the Part B coinsurance, except for a co-payment of up to $20 for some office visits and up to a $50 co-payment for emergency room visits that don’t result in an inpatient admission.
(This data is from MEDICARE & YOU 2019)
Work With Companies You Trust
