Supplemental Insurance in Charles City, IA and Floyd, IA

Medicare helps millions of Americans afford their health care. Generally, it lowers the costs of common treatments, making care more affordable. Nevertheless, all Medicare plans will include some out-of-pocket costs. One way you can help eliminate those is by enrolling in a Medicare Supplemental plan, otherwise called Medigap insurance. 

What’s Medigap Coverage? 

Even with Medicare, you won’t get all your health care costs covered. You’ll face deductible, copayments and coinsurance options. You’ll also have to pay for certain items that Medicare doesn’t cover at all. Medigap is one of your options when trying to cut certain residual costs. Rather than paying out of pocket, let your Medigap plan cover some of these costs. 

It’s easy to see why many insurers refer to these plans as Medicare Supplemental insurance. They supplement the costs you might have to pay for Original Medicare. 

What does a Medigap plan cover? 

There are multiple Medigap Plans out there, labelled as plans A-N. All will include different options and payment structures. However, they will generally cover the following items: 

• Certain services not covered by Original Medicare, like blood transfusions or skilled nursing

• Copayments, coinsurance and deductibles from Medicare Part A and Part B

• Emergency care needed during foreign travel

You must carry Original Medicare (Parts A & B) and live within a plan’s coverage area to enroll. Keep in mind, supplemental plans do not offer Part D prescription coverage. 

When can I enroll in a plan? 

If you have Medicare Part B, you can enroll in a Medigap plan up to six months after the first day of the month you turn 65. If you don’t have Part B, you’ll first have to enroll in that coverage. Then, you’ll have six months to get Medigap coverage. 

Are Medigap and Medicare Supplement the Same Thing? 

Yes, Medigap and a Medicare Supplement plan refer to the same type of coverage. Medigap fills the “gaps” in benefits typically provided by Medicare Parts A and B. A Medicare Supplement plan is optional, and you have several choices if you decide to add this coverage to your Original Medicare coverage.  

Medicare-approved insurance companies sell Medicare Supplement plans to eligible consumers, but the plans must provide specific benefits according to your state’s laws. 

Is There a Difference Between Medigap and Medicare Advantage? 

Yes, there is a difference between Medigap and Medicare Advantage plans. A Medicare Advantage plan is also called Medicare Part C and is an alternative to Original Medicare. If you are ready to sign up for Medicare, you must choose between a Medigap plan and a Medicare Advantage plan or forgo this coverage. You can’t purchase both Medigap and Medicare Advantage. 

Both Medigap and Medicare Advantage plans may provide additional coverage to help Medicare-eligible individuals pay for co-pays and coinsurance not covered by Original Medicare (Parts A and B). Original Medicare pays for an average of 80% of all medical costs, depending on your healthcare needs. Purchasing a Medigap or Medicare Advantage plan can help you cover additional healthcare costs, depending on the plan. 

 

Choosing your Medicare Supplemental 

To qualify for a supplemental plan, talk to your Medicare agent. All plans differ, so you’ll need to choose the one that’s best for you.  

Remember, your qualifications might depend on factors like your age, health, location and financial status. You’ll also want to consider your particular coverage needs to decide which plan will benefit you. We’ll help you determine how to keep costs within an affordable line.