What is a Medicare Supplement Plan?
A Medicare Supplement or Medigap policy is a health insurance plan offered by private insurance companies to help cover the cost that Medicare doesn’t.
Original Medicare has some expenses, such as co-insurance, co-pays and coverage gaps that the Medicare Supplements will pay for.
10 different types of Medicare supplements
In 1990 the federal government standardized Medicare when it created the outlines for each plan. Each plan is identified by a specific letter, such as Plan A, B, C, D (not to be confused with Parts A, B, C and D), F, G, K, L, M and Plan N.
There is no difference in the set of benefits for a specific letter plan except monthly premiums. The insurance companies that offer Medicare Supplement plans have to offer the exact policies that Medicare Standardized in 1990.
The most popular plans today are Plan G, F, and N.
Is there really a need of a Medicare Supplement?
This question is common asked especially by those who find themselves healthy. That means they just go to the doctor for a yearly check up and not been hospitalized due to their healthy lifestyle. Lucky for you if you get a free coverage through work or previous employer.
You purchase a supplemental insurance to cover other costs you don't expect. You may be healthy at this time but come to think about the future. It's an advantage to your end when your healthy because you don't need to go through underwriting compared to someone who has preexisting conditions.
Having a Medigap is surely a great deal if you seek more medical care and see the doctor more than 5 times a year.
It's a wise decision to make. That's why we're here to help you in your insurance needs. Don't hesitate to reach out to us to learn more.