Medicare is a health insurance program for people of age 65 and above, people with specific disabilities, and people with end-stage renal disease (ESRD). Medicare provides health care benefits in four parts – Part A, Part B, Part C, and Part D.
What is Medicare Supplement Insurance?
Medicare Supplement Insurance, also known as Medigap, is a private health insurance policy that helps pay for some of the out-of-pocket costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.
If you have Original Medicare and you buy a Medicare Supplement Insurance policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs, and then your Medigap policy pays its share.
Benefits of Having a Medicare Supplement Insurance
Medicare Supplement Insurance offers various benefits to the people enrolled in Original Medicare.
Benefits |
Description |
Lower Out-of-Pocket Costs |
Medigap plans typically pay for some or all of your out-of-pocket costs. |
Freedom to Choose Providers |
With Medigap coverage, you can see any provider who accepts Medicare. |
Guaranteed Renewability |
If you keep paying your premiums, your Medigap policy can’t be canceled, even if you have health problems. |
Coverage for Medical Emergencies Abroad |
Some Medigap plans cover medical care you get outside of the United States. |
Plan Flexibility |
You can choose from different Medigap plans to find one that fits your health and budget needs. |
How to Choose the Best Medicare Supplement Insurance?
Choosing the best Medicare Supplement Insurance can be overwhelming, but it’s essential to choose the right plan to save money and get the most extensive health care coverage possible.
Factors to Consider When Choosing a Medigap Policy
Here are the factors you should consider when shopping for Medicare Supplement Insurance.
Cost
Cost is the principal factor to consider when choosing a Medigap policy. You should compare the premiums, out-of-pocket costs, and deductibles of various plans before selecting the one that suits you best.
Coverage
Although all Medigap policies offer similar coverage, some plans provide more coverage than others. Find a plan that covers the services you need.
Rating
Medigap insurance companies are rated based on their financial stability, customer service quality, and other metrics. Choose a company that has a high rating from independent rating agencies.
Plan Type
There are ten standard Medigap plans – A, B, C, D, F, G, K, L, M, and N. Each plan has different coverage levels, so evaluate your health care needs to choose the right plan type.
Provider Network
Medigap policies don’t have a provider network, unlike Medicare Advantage plans. However, some Medigap insurance companies might have preferred provider networks, which can affect your out-of-pocket costs.
Frequently Asked Questions (FAQ)
Q1. What is the difference between Original Medicare and Medicare Supplement Insurance?
Original Medicare provides health care benefits in four parts – Part A, Part B, Part C, and Part D. Medicare Supplement Insurance is a private health insurance policy that helps pay for some of the out-of-pocket costs that Original Medicare doesn’t cover.
Q2. Can I change my Medicare Supplement Insurance policy?
Yes, you can switch from one Medigap policy to another at any time. However, you may have to undergo medical underwriting if you switch after your open enrollment period.
Q3. Can I buy a Medigap policy if I have a Medicare Advantage plan?
No, you can’t buy a Medigap policy if you’re enrolled in a Medicare Advantage plan.
Q4. Can I use my Medigap policy outside the United States?
Some Medigap plans cover medical care you get outside of the United States. Check your policy details to see if you have this coverage.
Q5. Do I need a referral to see a specialist with a Medigap policy?
No, you don’t need a referral to see a specialist with a Medigap policy.
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