Supplement insurance, also known as Medigap insurance, is a type of health insurance that can help cover the gaps in Medicare coverage. Medicare Part A and Part B provide coverage for many healthcare services, but there are still out-of-pocket costs that you may be responsible for like deductibles, copayments, and coinsurance. Supplement insurance can help cover these costs and provide you with more comprehensive coverage.
Supplement insurance policies are sold by private insurance companies and are standardized by the federal government. There are ten different types of plans available, labeled A through N. Each plan offers a different level of coverage with Plan A providing the least coverage and Plan F providing the most. However, Plan F is no longer available to new enrollees as of 2020.
When you enroll in a Supplement insurance plan, you continue to pay your Medicare Part B premium in addition to any premium that may be charged by the plan. The plan then pays its share of your Medicare-covered costs, such as deductibles, copayments, and coinsurance. Depending on the plan you choose, it may also cover other services such as foreign travel emergency care.
One of the benefits of Supplement insurance is that it can help protect you from high medical costs. With a Supplement insurance plan, you don’t have to worry about paying the full cost of deductibles, copayments and coinsurance. This can be especially important for seniors on a fixed income who may not have the financial resources to pay for unexpected healthcare expenses.
It’s important to do your research and compare plans carefully if you’re interested in enrolling in Supplement insurance. The Medicare Plan Finder tool on the Medicare website will guide you in comparing plans so you can find one that meets your needs. Also, you could work with a licensed Medicare insurance agent who can help you understand your options and choose a plan that fits your budget.
Supplement insurance is very beneficial to seniors who want more comprehensive coverage than Original Medicare. With its ability to help cover the gaps in Medicare coverage, a Supplement plan can provide you with peace of mind and protect you from high medical costs. Remember, the time to enroll in Supplement insurance is during your initial enrollment period or during the annual enrollment period. Don’t miss out on this opportunity!