Medicare Supplement Insurance, often referred to as “Medigap” insurance, is designed to cover the difference between what you are billed by a medical provider and what Medicare actually covers.
Because Medicare has a cost-sharing of 80/20, Medicare beneficiaries are responsible for 20% of a Medicare-covered claim under Part B (medical insurance portion) of Medicare. This means that if you are covered under Medicare and it is your only source of insurance, having the proper Medicare Supplement plan is a critical component.
If you are comfortable with paying out-of-pocket costs associated with Original Medicare, but would like to have an extra form of basic coverage, then Plans A and B may be right for you. While these plans do not cover all out-of-pocket expenses, they do cover copayments, coinsurance, and the first three pints of blood needed for a transfusion. Plan B also covers the Part A deductible.
If you are needing more than just a basic form of coverage, then Plans C, F, and G provide the most comprehensive coverage. However, because Plans C and F are the only plans to cover the Part B deductible, they are no longer available to new Medicare enrollees. This makes Plan G the most comprehensive plan.
Selecting from the wide variety is an important decision that is best made with the assistance of a professional. If you’re wondering what plan is best for you, call and make an appointment to speak with one of our insurance agents. We can be reached at (888) 959-1028.
We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
