Medicare Supplement Plans

If you have moderately frequent hospital or doctor visits, you may already know that Original Medicare comes with out-of-pocket costs. Medicare Supplement insurance, also known as Medigap plans, are aimed to work with Original Medicare (Medicare Part A and Part B). Medigap will fill in gaps in benefits left behind by Medicare by paying some of the out-of-pocket costs such as deductibles, copayments, and coinsurance.

Because Medigap plans are regulated by the U.S. federal government, the benefit of a particular Medigap plan is exactly the same, no matter the private insurer you choose. The differences are in the customer service and price of the plan.

Basic Benefits of Medicare Supplement Plan

Medigap insurance plans are identified by the letters A, B, C, D, F, G, K, L, M, and N. Each Medicare Supplement plan covers a different set of costs, while some of the plans like Plan A cover basic benefits, other plans like Plan G cover a comprehensive range of healthcare costs. Each plan provides a different level of basic benefits, but each lettered Medigap plan must have the same standardized basic benefits, no matter the location and insurance company. For instance, Medigap Plan G in New Jersey includes the same basic benefits as Medigap Plan G in Texas.

However, if you live in Wisconsin, Massachusetts, or Minnesota, your Medigap plan options are different than in other states. Medigap plans don’t cover long-term care, vision, dental, or hearing aids, but all the Medicare Supplement plans must cover at least the basic benefits like Part A coinsurance costs, Medicare Part B coinsurance/copayments, Medicare Part A hospice care coinsurance/copayments, and the first 3 pints of blood using during a medical procedure.

How Medicare Supplement Plans Work with Other Plans

Medigap plans are designed to pay for gaps in Part A and Part B coverage, and no other health insurance plans such as Medicare Part C plans or stand-alone Medicare drug plans. In fact, it is not possible for a private health insurance company to sell a Medigap plan if you already have a Medicare Part C plan or Medicaid.

If you need help determining your Medigap coverage needs, Great Nation Insurance Medicare agents are ready to answer your questions. Get in touch with us today!

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