Medicare Supplements, also known as Medigap, are private health insurance plans that help pay out-of-pocket costs that are not covered by Original Medicare. It is important to understand that Original Medicare will only cover 80% of your Part B (Medical) bills. Without additional coverage such as a Medicare Supplement or a Medicare Advantage plan, you will be responsible for the remaining 20%. If you don't get sick often, that might not seem concerning, but we can't predict illnesses or accidents. If you end up in the hospital that may end up being a very large bill to pay yourself.
Medicare Supplements can be a little confusing because similar to the Parts of Medicare (Part A, Part B, Part C and Part D) Medicare Supplements are labeled as PLANS, such as Plan A, Plan B, Plan C, ect. There are quite a few to choose from, although one thing to know is that Plan A from one insurance company is going to offer the same coverage as Plan A from another insurance company - the only difference is going to be the rates.
What makes Medicare Supplements so alluring is that they are accepted anywhere that Original Medicare is, so there are no networks, prior authorizations or referrals. They tend to offer more freedom in your healthcare decisions.
Rates for Medicare Supplements will vary from person to person and place to place. Some important things to know when it comes to choosing a Medicare Supplement are that you will pay a monthly premium in addition to your Part B premium, as well as a monthly premium for your Part D prescription drug plan. That is correct, unlike Medicare Advantage, Medicare Supplements do not include prescription drug coverage, so you will need to select that as well.
Another note about Medicare Supplements is that there are annual rate increases. The more you age, the higher the cost.
And finally, another note to add. Unless you are enrolling into a Medicare Supplement when you are first eligible, you may encounter having to go through underwriting, where you will have to answer questions about your health and prescription history. You may not qualify based upon your answers.
My expertise is finding you the right plan at the right price. If you are thinking about joining a Medicare Supplement, reach out so we can talk about it. I have a vast array of carriers that I work with and can find you some of the most competitive pricing available to you. I can also assist you with your accompanying Prescription Drug Plan.
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