Medicare Supplement Plans (Medigap)

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What is Medicare Supplement or Medigap Insurance?

Medicare Supplement Insurance or Medigap policies help to pay the remaining 20 percent of what Medicare doesn’t cover. These plans cover such expenses as copayments, coinsurance and deductibles. Sold by private companies, some plans cover services such as travel outside of the United States.

If you have a Medigap policy, Medicare will pay its share of the approved costs, then your Medigap policy will pay its share. A Medigap policy is NOT a Medicare Advantage Plan. Medigap only supplements Original Medicare benefits.

 

Medigap Policies DO NOT Cover All Expenses

It’s important to remember that Medigap policies generally DO NOT cover long-term care, vision or dental care, hearing aids, eyeglasses or private-duty nursing.

Our Providers

We offer Medicare Supplement Insurance or Medigap policies from a number of quality providers including Mutual of Omaha, Aetna, Equitable, Old Surety, Blue Cross Blue Shield, United Healthcare and others.

 

When To Buy Medigap?

Your six-month Medigap open enrollment period is the most optimal time to purchase a policy. During this period, you have the option to buy Medigap policies sold in your state, even if you have health problems.

After this period, you may not be able to purchase a Medigap policy, but if you are, it may cost you more.

 

Important Things to Remember About Medigap Coverage

  • To be eligible, you must have Medicare Part A and Part B.
  • If you have a Medicare Advantage Plan, you must leave the plan before your Medigap policy begins.
  • You pay your monthly Medigap plan premium to the private insurance company, and your monthly Part B premium to Medicare.
  • Any standardized Medigap policy is guaranteed renewable even if you have health problems. Your Medigap policy CANNOT be cancelled as long as you pay the premium.
  • Medigap policies sold after January 1, 2006 ARE NOT permitted to include prescription drug coverage. If you want prescription drug coverage, you can obtain Medicare Prescription Drug Plan (Part D) coverage.
  • If you have a Medicare Medical Savings Account (MSA) Plan, it is illegal for someone to sell you a Medigap policy.

For more details, contact our office.

Source: Official U.S. Government Site for Medicare, www.medicare.gov.

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