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Medicare Supplements
Medicare Supplements are commonly referred to as Medigap plans and were designed to provide coverage for the out-of-pocket costs your Original Medicare plan will not cover.
You can buy a Medigap plan once your Original Medicare coverage is effective and you are 65 years old. This is when your Medigap Open Enrollment Period will start, giving you a total of six months to find a Medigap plan that will fit your coverage needs best. Buying a Medigap plan outside of this six-month period may limit you to what plans you will have access to as insurers can now deny you coverage or charge more in premiums due to your health.
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How Do Medigap Plans Work?
Original Medicare will typically pay 80% of your Medicare-approved services when you receive healthcare services. Once this 80% has been paid, your Medigap plan will be billed next. Depending on the type of Medigap plan you have, the remaining 20% may be completely covered or some costs may still be leftover for you to cover.
What Will Medigap Cover?
There are ten types of Medigap plans: A, B, C, D, F, G, K, L, M, and N. Each of these plans will provide a very specific level of coverage for certain out-of-pocket costs. Depending on the plan, you can have coverage that ranges from the most basic (Plans A and B) to the most comprehensive (Plans F and G).
Here is a list of out-of-pocket costs that a Medigap plan may provide coverage for:
- Part A deductible
- Part B deductible
- Part A coinsurance and hospital costs
- Part B coinsurance and hospital costs
- Part A hospice care care coinsurance and copayment
- Part B excess charges
- Skilled nursing care coinsurance
- First three pints of blood in a transfusion
- Foreign travel emergency care
Get Medigap Coverage Today
If you are interested in learning more about your Medigap plan options and finding a plan that meets your coverage needs, give Insured For Life a call today. We will walk you through all of your available coverage options to find a plan that works for you.
