WHAT IS A MEDICARE SUPPLEMENT INSURANCE POLICY?
A Medicare Supplement policy (also known as “Medigap”) is health insurance sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage. Medigap policies help pay some of the health care expenses that the Original Medicare Plan doesn’t cover. If you are in the Original Medicare Plan and have a Medigap policy, then Medicare and your Medigap policy will both pay their shares of covered health care cost.
Insurance companies can only sell you a standardized Medigap policy. Medigap policies are required to have specific benefits, making them easy to compare.
You can choose from 12 different standardized Medigap policies (Medigap Plans A through L.) Medigap policies must follow Federal and State laws. These laws are there to protect you. A Medigap policy must be clearly identified on the cover as “Medicare Supplement Insurance.” Each plan, A through L, has a different set of basic and extra benefits.
Though the Medigap plan benefits and coverages will be consistent from one insurance company to the next, it is important to compare Medigap policies because cost can vary.
WHY CONSIDER CHANGING YOUR MEDICARE SUPPLEMENT POLICY?
- ABSOLUTELY NO CHANGE IN INSURANCE BENEFITS.
- PRE-EXISTING CONDITIONS ARE NOT AN ISSUE.
- NO WAITING PERIODS.
- YOU CAN KEEP THE SAME PLAN YOU HAVE NOW.
- NO MEDICAL EXAM REQUIRED.
WHAT IS A MEDICARE ADVANTAGE PLAN?
OVERVIEW OF MEDICARE
ADVANTAGE PLANS:
- Plans cost from $0 to $115.00 per month based on the plan you choose.
- They offer prescription benefits and health insurance on one card.
- Dental, Hearing, Vision, and Wellness Programs can be included.
- All plans have either a PPO, HMO, or PFFS network set by the insurance company.
- Most plans have Co-Pays, Deductibles, and Coinsurance.
