Medicare Supplemental Insurance
Medicare Supplemental Insurance, also known as Medigap, is a type of private insurance coverage in the United States that helps pay for some of the healthcare costs that Original Medicare doesn’t cover. Original Medicare, which includes Part A (hospital insurance) and Part B (medical insurance), covers many essential healthcare services but may leave gaps in coverage, such as copayments, coinsurance, and deductibles.
Medigap policies are designed to fill these gaps. They are standardized and must follow federal and state laws. In most states, there are up to 10 different Medigap standardized plans, each labeled with a letter (such as A, B, C, etc.). These plans offer various combinations of coverage, and each lettered plan must offer the same basic benefits regardless of the insurance company that sells it.
Here’s a general overview of what Medigap might cover:
Copayments and Coinsurance
These are the costs that a patient must pay after the insurance has paid its portion. Medigap can cover these out-of-pocket expenses for services covered under Medicare Parts A and B.
Deductibles
Original Medicare has deductibles for hospital stays and medical services. Some Medigap policies may pay for all or part of these deductibles.
Emergency Foreign Travel
Some Medigap policies may cover emergency care while traveling outside the United States, subject to certain conditions and limitations.
Extended Hospital Care
If you need to stay in the hospital for an extended period, some Medigap plans may cover additional days after Medicare coverage has ended.
It’s important to note that Medigap policies don’t cover everything. They typically don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private nursing services. They also don’t work with Medicare Advantage Plans, another way to get Medicare benefits.
When shopping for a Medigap policy, it’s wise to compare different plans and providers, as costs and availability can vary. It’s also essential to understand the enrollment period, as there might be restrictions on when you can buy a Medigap policy or change from one plan to another.
Lastly, keep in mind that Medigap is different from a Medicare Advantage Plan. While both provide ways to get additional coverage beyond Original Medicare, they work differently. Medicare Advantage Plans are an alternative to Original Medicare and offer all-in-one coverage, while Medigap supplements the existing coverage under Original Medicare.
Currently we represent 17 organizations which offer 382 products in your area. You can always contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) for help with plan choices.