Medicare Supplement Insurance

You can get supplemental coverage if you have trouble paying for out-of-pocket Medicare expenses. However, Medicare can be confusing with the various options it has. Contact us today for any questions about Medicare and its options.

Medicare is a federal health insurance program aimed at retirement-age Americans. It helps make health coverage more affordable and less costly than private health insurance. Many people even get part of it premium-free. However, Medicare beneficiaries still have to pay for some health care costs — like deductibles and coinsurance — on their own. Medicare Supplement Insurance, also known as a Medigap plan, can help cover these expenses.

Medicare Supplement Insurance plans help people enrolled in Original Medicare pay out-of-pocket health insurance expenses, like copays, coinsurance, and deductibles. Original Medicare is comprised of Medicare Part A and Medicare Part B.

Part A is insurance for hospital care, and Part B covers doctor and outpatient insurance. You cannot get a Medicare Supplement policy if you are enrolled in Medicare Part C, a private alternative to Original Medicare.

Your specific coverage varies depending on what Medicare supplement plan you buy. Ten standardized Medigap plans are identified in most states by letters: A, B, C, D, F, G, K, L, M, and N. (Massachusetts, Minnesota, and Wisconsin standardize their Medicare Supplement plans differently.)

They help people pay for their share of the costs of health care services covered by Medicare. Those costs include:

A set amount is called a deductible you pay before Medicare starts paying. Medicare has two deductibles:

One for Part A, which covers hospital services, and

One for Part B, which covers medical services.

Hospital expenses are applied after you meet your Part A deductible. Medicare pays your expenses for the first 60 days you’re in the hospital.

A portion of the cost of most services after you meet your Part B deductible. Medicare pays 80 percent of your expenses. You pay the other 20 percent.

With most Medicare supplement plans, you can go to any doctor or hospital that accepts Medicare. You’ll give them your Medicare card and your supplement plan ID card.

Original Medicare will pay its share. Your supplement plan will pay your share of the costs, depending on what the plan covers. It may also coordinate payment with Medicare and your health care providers. That means you won’t have to bother with claim filing or paperwork.

Medicare and the options around it can get confusing. So connect with us today if you have any questions about Medicare and Medicare Supplement Insurance.

It might be time to switch insurers whenever your existing insurer's service doesn't meet your needs. For example, it might be time to consider other options if you have poor claims experience or an unexplained rate increase.

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.