TUESDAY, MAY 10, 2022
If you have Medicare, you may wonder whether or not you need supplemental coverage. Supplemental insurance coverage is available through a Medicare supplement insurance policy known as Medigap. Medigap is not a required coverage, but it can help provide additional support for costs not covered by your primary form of Medicare. At E-Shop Medicare we’re here to help you navigate Medicare coverage.
What Is Medicare Supplement Coverage?
Medicare supplement insurance, also known as Medigap, is a Medicare coverage that can help provide additional coverage for what Medicare does not cover. Medigap can help cover expenses such as long-term care, vision or dental care and helps lower your share of costs for approved Part A and Part B services when you have Original Medicare. You may want to consider coverage because Original Medicare and Parts A and B do not provide coverage for all aspects of your healthcare.
Do I Need Medicare Supplement Insurance?
Whether or not you need Medicare supplement insurance depends on your health circumstances now and in the future. You can make an educated decision based on your past and present healthcare needs, costs and budget. Before considering a Medicare supplement plan, you need to be enrolled in Part A and Part B coverage. These coverage options typically pay for many of your healthcare expenses, leaving you to pay for deductibles, copayments, coinsurance and other healthcare costs.
If any of the following apply to you, you should consider coverage:
- You travel extensively outside the United States and want insurance coverage for emergency medical care abroad, which Medicare Part A and Part B might not provide.
- You’re likely to have multiple hospital stays during a year.
- You expect to have frequent doctor visits or medical services.
To determine how your health impacts your need for supplemental insurance, reach out to an agent.
How Does Medicare Supplement Coverage Work?
Once you have Medicare Parts A and B, you can purchase additional coverage. Part D is another piece of Medicare outside of Medigap that is available. Part D overage is an optional drug coverage plan. As for Medicare Supplement insurance, you have a few options. Part C, also known as Medicare Advantage, replaces your coverage with a private plan, meaning you would not need a Medigap plan for additional coverage. If you choose to go with Original Medicare for your Part A and Part B coverage, you might want to consider Medigap to fill the holes in your coverage.
Which Medicare Supplement Plans Are Available?
Each Medicare supplement policy must follow state and federal laws, and each insurance company chooses policies they’d like to offer. Medicare supplement plans offered by different providers offer similar coverage.
There are 10 Medigap plans named with the letters A through N. These standardized plans offer various coverages. For example, plan C and plan F provide coverage for Medicare Part B deductible, but plans A, B, D, G, K, L, M and N do not provide Part B deductible coverage.
If you travel internationally, it may be wise to choose a Medigap plan that offers coverage for medical emergencies that may occur while you are traveling outside of the United States. Plans C, D, F, G, M and N cover 80% of foreign medical emergency costs but plans A, B, K and L do not offer coverage.
Medigap plans offer coverage for 100% of your Part A coinsurance and hospital costs up to certain limits, as well as 50% to 100% of Part B coinsurance or copayment, depending on the plan.
Medigap plans can be confusing, so you should talk with an experienced insurance agent about your choices.
How Much Does Medicare Supplement Insurance Cost?
Medigap is a private insurance plan so the price of coverage varies depending on where you get coverage. Factors such as your age, inflation and how long you’ve been enrolled can all impact your pricing. Talk to an agent to find out what factors could influence your premium.
Get Started Today
At E-Shop Medicare, we’re here to help you sort through your Medicare coverage options so you receive the coverage best suited for your needs. Reach out to an agent to fill in the gaps in your coverage.
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