Medicare Supplement Insurance, or also called Medigap, is a health insurance policy that fills the gap that Original Medicare doesn’t cover. Original Medicare only pays 80%, which gives you 20% of out-of-pocket costs. With this, Medigap helps you pay for expenses such as deductibles, copayments, and coinsurance. It also covers services like medical care outside the US.
Medical Supplement is a health program for adults where states have different policies. However, there are ten standardized Medigap basic insurance options in most countries and are indicated from letters A to N. The critical difference with Medigap policies from A to N is the premium price.
How Does It Work?
First, to enroll for Medicare Supplement, you need to have Medicare Part A and B. There is a 6-month open enrollment to purchase Medigap policies. This policy is for one person only, meaning if you have a spouse, he/she must enroll for his/her Medigap policy.
A person can still enroll outside the 6-month open enrollment. However, the coverage may exclude preexisting conditions and require medical unwriting. Also, insurance companies may deny a person’s content. That’s why it is advisable to enroll in the enrollment period.
The monthly premium payment will vary with the type of plan, location, age, and the insurance company. Also, it is guaranteed renewable as long as you pay on time.
The Difference Between Medigap And Medicare Advantage
Many people are getting confused between Medigap and Medicare Advantage. These two have differences between benefits, costs, coverages, and how they work. Medigap doesn’t cover dental care, vision care, eyeglasses, prescription drugs, and gym coverages, unlike Medicare Advantage.
Medigap or Medicare Supplement Plan requires Original Medicare (Part A and B) since it works to fill the uncovered expenses of Original Medicare. In comparison, Medicare Advantage is the alternative to Original Medicare. And take note that a person cannot enroll in Medicare Advantage and Original Medicare at the same time.
Medical Supplement/Medigap can help you reduce expenses that are not covered by Original Medicare. Also, it has a variety of policies depending on some factors. It’s best to ask for more advice before joining a program.
At The Medicare Space, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (866) 717-8683. Get your free quote today by CLICKING HERE.