Medigap or Medicare Supplement Insurance covers deductibles and coinsurance required by Medicare. Depending on the plan it will generally cover your Part A deductibles. It will also cover the 20% of Medicare covered expenses that you would otherwise be responsible for if you did not have a supplement. It is extremely advisable for most people to select either a Medicare Supplement or a Medicare Advantage plan when qualified for Medicare.
Independent Agent & Medicare Supplement Specialist, reMEDIGAP, USA
Medigap or Medicare Supplemental insurance is private health insurance put in place to supplement Original Medicare Part A and Part B. It will help cover some of the health care costs that Original Medicare does not pay.
For example, Original Medicare will pay around 80% of your health care costs. This leaves you with the responsibility of paying the remaining 20% of Medicare approved amounts. Medigap insurance will help pay copays, co-insurance, and deductibles --the 'gap' in Medicare coverage.
Medigap Plans are standardized. There are 10 lettered Plans all offering different Medigap benefits. However, each lettered Plan has standardized benefits. This means Plan N with ABC insurance company is the same Plan N with XYZ insurance company. The only difference is the price.
The most popular Medigap Plans are Plan F and Plan G. Plan F covers all Medicare approved amounts. You do not have to pay any copays, co-insurance, or deductibles. Plan G covers all Medicare approved amounts (just like Plan F) after you've met the small annual Part B deductible ($147 in 2014).
If you are shopping for Medigap (Medicare Supplement) insurance, it is often challenging to find premium information on your own as many insurance companies do not publicly publish their premiums. With that said, you will find some very large insurance carriers who will give quotes online. This, though, can come with a higher premium to you. Another option is to work with an independent agent specializing in Medicare Supplement insurance. We freely shop the Medigap market and find you the best premium for the Plan benefits you desire.
Thank you for reading my response. Please let me know if I can be of further assistance with your Medigap insurance needs.
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For example, Original Medicare will pay around 80% of your health care costs. This leaves you with the responsibility of paying the remaining 20% of Medicare approved amounts. Medigap insurance will help pay copays, co-insurance, and deductibles --the 'gap' in Medicare coverage.
Medigap Plans are standardized. There are 10 lettered Plans all offering different Medigap benefits. However, each lettered Plan has standardized benefits. This means Plan N with ABC insurance company is the same Plan N with XYZ insurance company. The only difference is the price.
The most popular Medigap Plans are Plan F and Plan G. Plan F covers all Medicare approved amounts. You do not have to pay any copays, co-insurance, or deductibles. Plan G covers all Medicare approved amounts (just like Plan F) after you've met the small annual Part B deductible ($147 in 2014).
If you are shopping for Medigap (Medicare Supplement) insurance, it is often challenging to find premium information on your own as many insurance companies do not publicly publish their premiums. With that said, you will find some very large insurance carriers who will give quotes online. This, though, can come with a higher premium to you. Another option is to work with an independent agent specializing in Medicare Supplement insurance. We freely shop the Medigap market and find you the best premium for the Plan benefits you desire.
Thank you for reading my response. Please let me know if I can be of further assistance with your Medigap insurance needs.