Is A Medigap Plan Right For Me?

Medicare Supplement plans fill the gap between coverage to keep your out-of-pocket costs low. Medicare Supplement plans, also called Medigap policies, are plans sold by private companies that cover those gaps. Medigap policies can cost more in the short term. However, they can save you a lot of money over time. Read on to learn more about how Medigap policies may be right for you.

Medicare Supplement Plan Basics

Medigap policies are sold by private insurance companies and work alongside your Medicare policies to cover your medical costs.

When your Medicare plan asks you to pay for your portion of the bill, your Medigap policy will step in and cover the rest.

To use Medigap policies, you first have to enroll in Medicare Parts A and B. Then, you can find a Medigap policy and company.

This is where a good agent can come in. A good agent knows the most reputable companies and plans in your area and can guide you to the right plan for you.

Once your Medigap Specialist helps you pick the right plan for your medical needs, you enroll in that Medigap policy and pay a monthly premium. After you enroll in the Medicare Supplement Plan, you use Medicare as you normally would.

Medicare Supplement Plan Structure

While Medicare Supplement Plans are private policies offered by many insurance companies, they all have to abide by the Centers for Medicare and Medicaid Services (CMS) guidelines.

As a consumer, you have to have the option to compare the plans and the companies to each other.

Comparing plans can become very confusing, and we make it simple below. If you still have questions, one of our specialists can help walk you through the structure.

There are ten different Medigap plans with two additional special options. The current plans offered are:

● Plan A
● Plan B
● Plan C
● Plan D
● Plan F
● Plan HDF with High Deductible
● Plan G
● Plan HDG with High Deductible
● Plan K
● Plan L
● Plan M
● Plan N

Each plan emphasizes different coverage. For example, some plans only cover excess inpatient costs and save money on the monthly premium. Many other plans cover much more but cost more monthly.
Medigap policies are a great way to avoid paying all of the out-of-pocket expenses that Medicare requires if you go over your coverage limits.

Most people could benefit from a supplement plan because you never know when you will need it most. The real question is not whether Medicare Supplements are right for you, but which plan is a good fit. To learn more about Medicare Supplement plans and which plan best suits your needs, contact us today!