A Medicare Supplement (Medigap) Insurance: Helping Cover Your Health Care Costs
Discover the benefits of Medicare Supplement (Medigap) insurance, a valuable coverage option provided by private companies. Designed to fill the gaps in Original Medicare, Medigap policies assist in paying for expenses such as copayments, coinsurance, and deductibles that are not covered by Medicare.
How Medigap Works
If you have Original Medicare and purchase a Medigap policy, Medicare will cover its portion of the Medicare-approved amount for your healthcare costs. In contrast, your Medigap policy will take care of its share. Call today and see how the Carolina Medicare Guy can help you!
Key Points About Medicare Supplement Policies
- Medicare Part A and Part B enrollment is required.
- If you currently have a Medicare Advantage Plan, you can switch to a Medicare Supplement insurance policy. However, ensure you can leave your Medicare Advantage Plan before your Medigap policy takes effect.
- In addition to your monthly Part B premium paid to Medicare, you will also need to pay a monthly premium to the private insurance company offering your Medicare Supplement insurance policy.
- Each Medigap policy covers a single individual. If both you and your spouse desire Medigap coverage, separate policies must be purchased.
- You can choose any licensed insurance company that offers Medicare Supplement insurance policies in your state.
- All standardized Medicare Supplement insurance policies are guaranteed renewable, even if you have pre-existing health conditions. This means the insurance company cannot cancel your policy if you continue paying the premium.
- Since January 1, 2006, Medicare Supplement insurance policies no longer include prescription drug coverage. You can enroll in a Medicare Prescription Drug Plan (Part D) to obtain this cove.
- It is important to note that selling a Medigap policy while you are enrolled in a Medicare Advantage Plan is illegal unless you switch back to Original Medicare.
For more information, please visit www.medicare.gov. Contacting the phone number provided on the website will connect you with a licensed agent who can assist you further.