On our previous post we covered some background on Medicare Eligibility.

Today we will share more information specifically on Medicare Supplement Plans.

Are you ready?  Let’s get started!!!

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What are Medicare Supplement
Insurance (Medigap) policies?

A Medigap policy is an insurance policy that helps supplement Original Medicare and is sold by private companies. A Medigap policy can help pay some of the remaining health care costs that Original Medicare doesn’t pay for covered services and supplies, like copayments, coinsurance, and deductibles.  

Some Medigap policies also cover certain benefits Original Medicare doesn’t cover, like emergency foreign travel expenses.

Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. These are “gaps” in Medicare coverage. You’ll have to pay premiums for a Medigap policy.

All Medigap policies must follow federal and state laws designed to protect you, and policies must be clearly identified as “Medicare Supplement Insurance.”

Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it.

Cost is usually the only difference between Medigap policies sold by different insurance companies. 

• Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you stay enrolled and pay the premium.

• Different insurance companies may charge different premiums for the same exact policy. As you shop for a policy, be sure you’re comparing the same policy (for example, compare Plan A from one company with Plan A from another company

• Although some Medigap policies sold in the past covered prescription drugs, Medigap policies sold after January 1, 2006, aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D) offered by private companies approved by Medicare (we will cover more on prescription drug coverage on a separate post)

What Medigap policies don’t cover

Generally, Medigap policies don’t cover long‐term care (like non‐skilled care you get in a nursing home), vision or dental care, hearing aids, eyeglasses, or private‐duty nursing.

Can my Medigap insurance company drop me?

If you bought your Medigap policy after 1992, in most cases the Medigap insurance company can’t drop you because the Medigap policy is guaranteed renewable.

This means your insurance company can’t drop you unless one of these happens:

• You stop paying your premium.
• You weren’t truthful on the Medigap policy application.
• The insurance company becomes bankrupt or insolvent. 

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Medicare Supplement Plans are generally a good option for Medicare Beneficiaries who:

Like to travel & want freedom to choose own hospitals and doctors.

You can watch the Power 5 Presentation Video on the topic below.

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I hope that you found this information helpful.  Coming up next we will learn more about Medicare Prescription Drug Coverage.

If you got questions in the meantime drop me a line or give me a call. I’d love to hear from you!