Medicare Supplement Plans
Medicare Supplement Plans
Medicare Supplement Plans, also known as Medigap, are health insurance policies sold by private companies to fill “gaps” in Original Medicare (Part A and Part B) coverage. Original Medicare covers a significant portion of healthcare costs, but it doesn’t cover everything. Medigap policies help pay for out-of-pocket expenses like copayments, coinsurance, and deductibles.
Why Consider a Medicare Supplement Plan?
For clients relying on Original Medicare, a Medicare Supplement Plan can offer significant financial protection and peace of mind:
•Reduced Out-of-Pocket Costs: Medigap plans help cover the costs that Original Medicare doesn’t, such as deductibles, copayments, and coinsurance, leading to more predictable healthcare expenses.
•Freedom to Choose Providers: With a Medigap plan, you can see any doctor, specialist, or hospital in the U.S. that accepts Medicare, without network restrictions (unlike some Medicare Advantage Plans).
•No Referrals Needed: You typically don’t need a referral to see a specialist if they accept Medicare, offering greater flexibility in your healthcare choices.
•Guaranteed Renewability: As long as you pay your premiums, your Medigap policy is guaranteed renewable, even if your health changes.
•Travel Coverage: Some Medigap plans offer coverage for foreign travel emergencies, which Original Medicare generally does not.
•Standardized Plans: Medigap plans are standardized across different insurance companies (Plans A through N), meaning the benefits for each plan letter are the same, regardless of the insurer. This makes it easier to compare policies.
Medicare Supplement Plans are ideal for clients who prefer the flexibility of Original Medicare but want to minimize their out-of-pocket costs and gain more comprehensive coverage for healthcare services not fully covered by Medicare.
Interested in bridging the gaps in your Medicare coverage?
Call us at 956-283-6915 to discuss Medicare Supplement options!
