Medicare Supplements (Medigap)
Medicare Supplements (Medigap)
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Original Medicare covers about 80% of your medicare-related health care needs. To cover the other 20%, one option is to apply for a Medicare Medicare Supplement Plan, also known as a Medigap Plan. This plan helps you to "cover the gaps" in Original Medicare. Some plans also provide additional coverage for foreign travel emergencies. You must have Medicare Parts A & B to sign up for a Medigap Plan.
Comparing Supplement Plans
Comparing Supplement Plans
Medicare Supplement Plans are named with letters A, B, C, D, F, G, K, L, M, and N (Plans C & F are not available to those new to Medicare after 1/1/2020).
The plans are standardized by the government to provide specific benefits. As the chart below shows, some Medigap Plans cover 100% of the benefits not covered by Original Medicare, while other plans cover less for a lower premium.
Although different companies may offer the same plan (e.g., Plan G), you will get the same basic coverage no matter which company you pick. However, the premiums for the exact same plan can vary greatly. This is where an independent agent can help you compare the policies available in your area.
Additional Considerations
Additional Considerations
When you have a Medicare Supplement, you will want to add a plan to cover your prescription drugs and, possibly, a plan to cover services not covered by Medicare, including dental, vision, and/or hearing exams and services.
Why add a Medicare Prescription Drug Plan?
Why add a Medicare Prescription Drug Plan?
Part B of Original Medicare covers a limited number of outpatient prescription drugs and some drugs administered in a doctor's office. However, you must pay for most drugs, especially those you take regularly. Adding Part D coverage is considered optional, but if you do not sign up when you are first eligible, you may incur a late enrollment penalty for as long as you have that drug coverage. As your agent, I can help determine the best plan for you. Visit Part D: Prescription Drug Plan to learn more.
Why add a Dental, Vision, and/or Hearing Plan?
Why add a Dental, Vision, and/or Hearing Plan?
These plans offer different levels of coverage for a wide variety of services - like exams, cleanings, extractions, and implants - and products - like glasses and hearing aids. Many insurance carriers offer stand-alone policies for dental, vision, and/or hearing benefits. I can help you compare plans available in your area and find the right one for your needs and budget.
If you are interested in discussing Medicare Supplement plans that fit your lifestyle, health needs, and budget, click the LEARN MORE button.
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