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Medicare Supplemental Insurance (Medigap Insurance)

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Please Note: All Policy Changes & Quote Requests are NOT bound until communicated to you.

Medicare Supplement

As with any Medicare related insurance option, many factors should be considered before deciding if a Medigap plan is right for you as well as which plan. We discuss those factors below but we recognize that coming to the right conclusion isn't easy. But making the right choice regarding Medigap can be tremendously consequential to your finances and medical care. That's why we are here. Get in touch anytime and let us help you sort through all the factors that need to be considered to arrive at the right decision for you.

What is Medicare Supplemental Insurance?

Medicare supplemental insurance, also known as Medigap, is a type of health insurance that can help pay for some of the out-of-pocket costs of Traditional Medicare. Traditional Medicare is the government-run health insurance program for people age 65 and older, as well as people with certain disabilities.

Medicare supplemental insurance is sold by private insurance companies. There are 10 standardized Medigap plans, each with its own set of benefits and costs. You can choose the plan that best meets your needs and budget.

What is Covered by Medicare Supplemental Insurance?

Medicare supplemental insurance can help pay for a variety of out-of-pocket costs, including:

  • Part A coinsurance and copays
  • Part B coinsurance and copays
  • Part B deductible
  • Part A hospice coinsurance
  • Blood transfusions
  • Skilled nursing facility care
  • Foreign travel emergency expenses

Some Medigap plans also cover prescription drug costs.

Pros and Cons of Medicare Supplemental Insurance

Pros:

  • Medicare supplemental insurance can help you save money on your out-of-pocket healthcare costs.
  • You can choose from a variety of plans to find the one that best meets your needs and budget.
  • You can keep your own doctor and hospital.
  • Your coverage is valid anywhere in the United States.

Cons:

  • Medicare supplemental insurance can be expensive.
  • Some Medigap plans do not cover prescription drug costs.
  • You must be enrolled in Original Medicare to be eligible for Medicare supplemental insurance.

Insurance Premiums and Deductibles

Medicare supplemental insurance premiums vary depending on the plan you choose, your age, and your location. You can usually find plans with monthly premiums ranging from $100 to $300.

Most Medigap plans have a deductible, which is the amount of money you have to pay out of pocket before your insurance starts to pay. Deductibles for Medigap plans typically range from $0 to $2,000.

How to Choose a Medicare Supplemental Insurance Plan

When choosing a Medicare supplemental insurance plan, it is important to consider your needs and budget. Here are a few things to keep in mind:

  • What are your out-of-pocket healthcare costs?
  • What are your prescription drug costs?
  • How much can you afford to pay for a monthly premium?
  • What are your future healthcare needs?

You should also compare different Medigap plans before you choose one. You can compare plans online or by contacting our agency.

Conclusion

Medicare supplemental insurance can be a good option for people who want to help cover the out-of-pocket costs of Original Medicare. If you are considering Medicare supplemental insurance, be sure to compare different plans and choose the one that best meets your needs and budget.


Do you have questions about Medicare Supplement?

Contact an insurance agent at InSouth Insurance Services today to answer any questions about Medicare Supplement or for a free review and insurance quote for Medicare Supplement. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.

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Please Note: All Policy Changes & Quote Requests are NOT bound until communicated to you.

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