Medicare supplements, also known as Medigap plans, are private insurance policies that are designed to help fill the gaps in coverage that Original Medicare (Part A and Part B) may leave behind.
Original Medicare provides coverage for many healthcare services, but it does not cover everything. For example, Medicare does not cover certain types of medical expenses, such as deductibles, coinsurance, and copayments. For example, Medicare Part A has a deductible of $1,600 for each inpatient hospital benefit period, before Original Medicare starts to pay. There is also no coverage for dental, vision, and hearing.
Medicare supplement plans can help cover some or all of these costs. There are ten standardized Medigap plans available in most states, each labeled with a letter (e.g. Plan F, Plan G, Plan N) that indicates the level of coverage it provides. The benefits provided by each plan are the same across all insurance providers, although premiums may vary. Each plan offers different types of coverage and some even provide coverage when traveling outside of the country! However, not all plans are available to every person.
It’s important to note that in order to enroll in a Medicare supplement plan, you must be enrolled in Original Medicare. Also, Medicare supplement plans do not cover prescription drugs, so you’ll need to enroll in a separate Medicare Part D plan for that coverage. Overall, Medicare supplement plans can provide valuable additional coverage for those enrolled in Original Medicare, but they can come with additional costs. It’s important to carefully consider your healthcare needs and budget when choosing a Medigap plan. If a Medicare Supplement plan doesn’t sound right to you a Medicare Advantage Plan may be what you are looking for. It is important to talk to a licensed Insurance Agent to make sure the plan is right for you.
At SBG Insurance Group we are dedicated to finding the best plan to fit your needs. Contact us today for more information.
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