What are Medicare Supplements
What are Medicare Supplement Plans and what do they cover?
Also known as Medigap policies, Medicare Supplement plans are healthcare insurance policies provided by the United States Medicare-approved private insurance companies to cover out-of-pocket costs left by your Medicare plans. Depending on your policy, Medigap covers all Medicare expenses left within its limit and it is usually enough to cover what would be your pay out-of-pocket expenses.
Medigap Policies cover 20% of your Medicare expenses while Original Medicare covers 80% of your Medicare Part B expenses. However, they do not cover:
- Routine dental, vision, and hearing checkups
- Hearing aid
- Eyeglasses and contact lenses
- Custodial care
- Retail prescription medication
Types of Medigap Policies
There are 10 types of Medicare Supplement plans standardized by the US government and they all have the same benefits. The only difference between them is the monthly premium rates each Medicare private insurance company will offer.
These plans are Medigap Plan A, B, C, D, F, G, K, L, M, and N.
Your Medigap Supplement Plan savings
Medigap plans take care of your Original Medicare coinsurance costs when your benefits are used up for the rest of the year and your coinsurance costs within their limits. How much you will save depends on your Medigap policy. Some Medigap policies take care of all your Medicare copayment responsibilities.
Choosing your Medigap Plan
You need to choose the right Medicare Supplement Plan that will cover all your Medicare out-of-pocket expenses. Our experienced Medicare insurance agent will work with you to see which Medigap policy you need to make the most out of your healthcare coverage.