Medicare Supplement Insurance (Medigap)

Offered by private insurance companies, Medicare supplement plans work with Original Medicare to pay some of the costs not covered by Original Medicare such as copayments, coinsurance and deductibles.

Learn more about Medicare Supplement insurance for Minnesotans below.

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MEDICARE SUPPLEMENT INSURANCE/MEDIGAP

Your Original Medicare plan is made up of two separate basic coverage plans, Part A and Part B. Between these two basic plans, there are gaps in coverage that leave the insured paying for some expenses, even after receiving the full amount of coverages. Medicare Supplement Insurance plans are offered by private insurance carriers. Also known as Medigap, these Medicare Supplement insurance policies pay for the remaining expenses not covered by Original Medicare. An added plus to getting Medigap coverage is that, by law, there are no annual or lifetime limits on these plans.

HOW DOES MEDIGAP WORK?

While Original Medicare helps cover a portion of the costs required for health care services and supplies under your coverage, Medicare Supplement Insurance policies sold by private companies—referred to as Medigap—can help pay any remaining out-of-pocket expenses for covered medical services and supplies such as copayments, coinsurance, and deductibles. 

However, while many policies don’t cover services such as long-term nursing care, vision, and dental care, hearing aids, eyeglasses, or private-duty nursing, Medigap remains known for covering services that Original Medicare doesn’t such as medical care for those traveling outside of the U.S. 

WHAT ELSE SHOULD I KNOW ABOUT MEDIGAP?  

• Before you can buy Medicare Supplement Insurance (Medigap), you must have Part A and Part B.  

• You pay the private insurance company a monthly premium for Medigap in addition to the monthly Part B premium you pay to Medicare. Also, if you buy Medigap and a Medicare drug plan from the same company, you may need to make 2 separate premium payments. Contact the company to find out how to pay your premiums.  

• A Medigap policy only covers one person. Spouses must buy separate coverage.  

• You can’t have drug coverage in both Medigap and your Medicare drug plan.

• It’s important to compare Medigap policies since the costs can vary between policies for exactly the same coverage, and may go up as you get older. 

Via the Official US Government Site for Medicare...

What else should I know about Medigap?  

• Before you can buy Medicare Supplement Insurance (Medigap), you must have Part A and Part B.  

• You pay the private insurance company a monthly premium for Medigap in addition to the monthly Part B premium you pay to Medicare. Also, if you buy Medigap and a Medicare drug plan from the same company, you may need to make 2 separate premium payments. Contact the company to find out how to pay your premiums.  

• A Medigap policy only covers one person. Spouses must buy separate coverage.  

• You can’t have drug coverage in both Medigap and your Medicare drug plan.

• It’s important to compare Medigap policies since the costs can vary between policies for exactly the same coverage, and may go up as you get older. 

FINDING THE RIGHT POLICY

If you don’t already have supplemental insurance paid for by an employer or union and don’t want to risk paying the out-of-pocket costs not covered by Medicare, then you should consider getting a Medial Supplemental Insurance policy. 

 

Milestone Medicare offers our services at no cost to help you find the right policy that fits your budget. Call our office or go online for a free consultation. We are conveniently located in Buffalo, MN.

 

Not connected with or endorsed by the United States government or the federal Medicare program. 

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