Medigap or Medicare Supplement Insurance
Although you may hear it called different names, they are the same thing. Medigap or Medicare Supplement insurance work to cover any shortages or “gaps” that Original Medicare (Parts A and B) does not pay for. Medigap insurance is sold by private insurance companies.
By law, companies can only offer standard Medigap insurance plans. There are 11 standard plans, labeled A-N. Each plan offers a different set of benefits, fills different “gaps” in Medicare coverage, and varies in price. Each standardized plan must offer the same essential benefits, no matter which insurance company provides it.
Under the new modernized plans, insurance companies may offer innovative benefits and required standardized benefits. These “innovative” benefits may include things like eyewear or hearing aid coverage. Make sure to find out what innovative benefits are included in the plans you are considering.
New to Medicare?
Are you turning, or did you turn 65 on or before January 1, 2020? If so, some features are not available to you. The most notable is the ability to use Medigap to help pay for Medicare Part B deductibles (Plans C and F this year). You may keep those plans if you were already enrolled before January 1.
However, if you became eligible for Medicare before January. 1, 2020, but haven’t enrolled yet, you may still have access to those plans. In addition to age, disability, and receiving a diagnosis of End-Stage Renal Disease, are also ways to become eligible for Medicare Part A and Part B, also known as Original Medicare coverage.
What Does Medicare Supplement/Medigap Insurance Cover?
When you’re ready to buy a Medigap plan, make sure you understand what each plan offers. For example, every Medigap plan covers 100 percent of Plan A coinsurance. However, Plans A and B do not offer coinsurance for skilled nursing facility care, but the other plans do offer help.
Work With an Experienced Agent
It can get pretty complicated trying to figure out which standardized Medigap plan to purchase or if to purchase any at all. As we age, health care becomes a more significant issue, and deciding which health insurance plans are best for us can get confusing.
On one hand, having all of these options allows us to take a more in-depth look at what we need. Do you plan on traveling during your retirement? Medigap Plans A, B, L, and K do not offer foreign travel emergency care while other plans do. When trying to navigate parts, plans, copays, and deductibles, it’s good to find someone to talk to that understands the nuances of Medicare coverage.
VibrantUSA has been helping those eligible, or those reaching eligibility, since 2003. Every situation is different, so we take pride in getting to know our clients, finding plans that help the most, and securing the cheapest rates. From hospital stays to prescription drug plans to dental and vision care, we make it our business to know Medicare inside and out.
As an independent agency, we are able to work with more than 30 private insurance companies and choose from more than 50 different plans. The best part? Clients don’t pay us a dime – we get paid directly from the insurance carriers. Because we aren’t attached to any single carrier, we’re free to do what’s best for our clients.
After you’re enrolled, we don’t end our service. With a variety of enrollment periods, legislative actions, and changing dynamics in the healthcare industry, it can be challenging to stay on top of your care. Let VibrantUSA do the research for you so you can enjoy your Golden Years.