Medicare supplements (also known as Medigap plans) are insurance policies designed to fill the gaps in Medicare coverage. These gaps are areas in coverage that do not fully or partially cover medical costs, leaving the policy holder to pay for the gaps in coverage. These gaps could result in thousands of dollars in out-of-pocket expenses for a senior. Thankfully, Medicare supplement plans exist to help bridge these gaps, making it easier for seniors to plan for medical costs and reduce out-of-pocket expenses at the doctor’s office and hospital.
Medigap plans are standardized by the U.S. government into 10 plans (A-N) to make it easier for seniors to shop around to different companies and easily compare prices based on the same coverage plan. The 10 Medigap plans offer different levels of coverage, varying from partial to complete coverage of gaps. Please click on the icons above to learn what expenses are covered by each plan.
Medicare is the federal program the vast majority of Americans 65 and older depend on for their healthcare. People under 65 with disabilities and individuals with end-stage renal disease can also qualify. Medicare is commonly divided into four parts. Original Medicare Part A and Part B help pay costs for hospital care and medical expenses, respectively. Specifically, Part A pays for medically-necessary inpatient hospital services, skilled nursing facility care after a hospital stay, certain home healthcare, and hospice care. Part A does not pay for private hospital rooms, surgery that is not deemed medically-necessary, most care received outside the United States, unskilled personal care, and a variety of other services. Part B, meanwhile, pays only 80% of most Medicare-covered medical costs. Deductible, copayment, and coinsurance costs associated with Original Medicare add up quickly for many people.
Medicare Part C is another name for Medicare Advantage, which many Medicare-eligible people choose as an alternative to Original Medicare. Available from private insurance companies, Medicare Advantage plans offer affordable, comprehensive network-based health coverage. Most Part C plans include prescription drugs. Medicare Part D refers to stand-alone prescription drug plans which are highly affordable and combine well with Medigap supplements to provide excellent coverage to fill the gaps and minimize out-of-pocket costs associated with Original Medicare.
Medigap supplements are designed specifically to fill the gaps in original Medicare. There is a Medicare supplement plan to suit every budget and medical history, all the way from Plan A to Plan N. Medigap Plans F and G are the most comprehensive and the best investments for many people, but all Medicare supplement plans are designed to keep healthcare costs well within your budget. Medigap premiums can vary greatly from area to area, and from insurance company to insurance company, but MedicareMall has over two decades of experience shopping the market to find every client the best coverage at the very best price. Contact MedicareMall today to learn more about how Medicare supplement insurance can prepare you for any health uncertainty and save you thousands of dollars.Google+