Medicare Supplement Plans
Medicare Supplement plans, also referred to as Medigap plans, cover 10 million Medicare beneficiaries. Medicare Supplement plans are sold by private insurance companies to help youpay for the out-of-pocket costs of Medicare expenses, including deductibles and co-insurance.
Medicare Supplement insurance plans pay up to its limit on your medical expenses. These plans are available for purchase in all 50 U.S. states and are very popular with individuals desiring little to no co-pays for healthcare services.
Many people new to Medicare do not always realize that original Medicare only covers 80% of Medicare Part B expenses. The other 20% is required to be paid by. These costs can become a burden to your finances if a medical need arises. A Medicare Supplement plan (Medigap) is a solution to prepare for unexpected expenses and avoid unexpected financial problems resulting from a lack of coverage.
A Medicare Supplement plan (Medigap) pays a portion, or all of the 20% required for you to pay.
Medicare Supplement Plans (Medigap)
Insurance plans to cover gaps in Medicare that you would be expected to pay.
Medicare Supplement plans (Medigap) insurance policies are popular selection among Medicare beneficiaries due to the benefits that help pay healthcare costs that Original Medicare does not cover. Coverage included in supplement plans include the following:
- Co-payments
- Coinsurance
- Deductibles
- Medical care when traveling outside the U.S.
Other Medicare Supplement Plan advantages include:
- Selection of medical providers and hospitals.
- No referral needed to see medical specialists.
- Some Medicare Supplement plans include zero out-of-pocket expenses.
- After a Medicare Supplement policy is selected, you can’t be removed due to preexisting medical conditions, or other health problems.
Your medical service provider bills Medicare for your service or procedure.
Medicare pays the approved portion, sending this amount to your Medigap plan.
Medigap plans pays the amount exceeding 80% of out of pocket costs.
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