Understanding Medicare Supplement Plans

Post Author: Chris Barlow, Barlow Insurance

What is a Medicare Supplement Plan?

Medicare Supplement Plans, also known as Medigap, are insurance policies that help cover healthcare costs not covered by Original Medicare (Part A and Part B). These costs include copayments, coinsurance, and deductibles. Medigap plans are offered by private insurance companies and are designed to fill the “gaps” in Original Medicare coverage, hence the name “Medigap.”

How Medicare Supplement Plans Work

When you have a Medicare Supplement Plan, Medicare will pay its share of the approved amounts for covered health care costs. Then, your Medigap policy pays its share. For example, if you have a medical procedure, and Medicare Part B pays 80% of the Medicare-approved amount. Your Medigap plan can help cover the remaining 20%, depending on the plan’s specifics.

To enroll in a Medigap plan, you generally need to be enrolled in Medicare Part A and Part B. It’s important to note that Medigap policies generally do not cover prescription drugs. For that, you would need to enroll in a separate Medicare Part D plan.

Why Use a Medicare Insurance Agent to Enroll in a Plan

Navigating Medicare and Medigap plans can be complex and overwhelming. This is where a Medicare Insurance Agent can be invaluable. Here are some key benefits of using a Medicare agent:

1. Expert Guidance: Medicare agents are knowledgeable about the various plans available and can help you understand the differences between them. They can explain the benefits and drawbacks of each plan, ensuring you make an informed decision.

2. Personalized Advice: A Medicare agent will consider your specific healthcare needs, budget, and preferences to recommend the best plan for you. This personalized approach can save you time and frustration.

3. Simplified Enrollment: Enrolling in a Medicare Supplement Plan involves paperwork and adherence to specific timelines. A Medicare agent can handle the details, ensuring your enrollment process is smooth and error-free.

4. Ongoing Support: Your relationship with a Medicare agent doesn’t end once you enroll. They can provide ongoing support, helping you with any issues that arise and assisting with plan changes during certain applicable periods.

5. Cost-Free Service: Medicare insurance agents are typically compensated by the insurance companies they represent, meaning their services come at no additional cost to you.

Medicare Supplement Plans are a great option to consider for covering the gaps left by Original Medicare. Using a Medicare insurance agent can simplify the process, providing expert guidance and personalized advice to ensure you choose the best plan for your needs. When it’s time to enroll, consider the benefits of working with a Medicare agent to make the experience as seamless and beneficial as possible.