Medigap and Medicare Supplement Plans
Medicare supplement plans are insurance policies that can be purchased to supplement Original Medicare benefits. These plans offer medical-only coverage and are guaranteed renewable for as long as you pay the premiums. This ensures that you will have access to the coverage you need, even if you develop a health problem later. The plan is flexible and can be tailored to your individual needs. You can choose a base option to lower your monthly premiums, or you can add on additional coverage to limit out-of-pocket expenses. You may want to purchase the base plan if you are looking for a low monthly premium but a high doctor’s bill. More info here
Medicare Supplement Plans – A Guide For Seniors
Medicare Supplement plans cover the costs left by Original Medicare. These are optional extras that you can purchase to cover the costs you may incur outside of your plan. Healthcare providers usually bill Medicare first, then bill the Medicare Supplement carrier for any remaining amounts. Choosing a Medigap policy is best for those who aren’t interested in the extra coverage. The premium can range anywhere from $50 to more than $300 per year. Although these plans are designed for those who have Original and Part A and Part B insurance, they are not an ideal option for those who are only interested in supplemental health coverage.
Medigap insurance policies are sold by private companies. They help fill the gaps in Original Medicare coverage. These policies help cover medical expenses not covered by Original Medicare. In some cases, Medicare may not be enough to cover a medical expense. In such situations, a Medigap policy may be a better option. These policies are designed to pay deductibles, coinsurance, and other out-of-pocket expenses. Depending on the plan you choose, you can save anywhere from $50 to over $300 per month.