Medicare Supplement Insurance plans, also known as Medigap Plans, are health insurance policies that help limit the amount you’ll pay for medical services once you are on Original Medicare. As you may know, both Medicare Part A and Medicare Part B have deductibles and other costs that you pay and don’t have an out-of-pocket maximum. Because of this, you will want to find a plan that works for you now and into the future.
The purpose of Medicare Supplement Insurance, also known as Medigap, is to help fill in the gaps
in coverage left by Original Medicare.
Medicare Supplement Insurance is offered by private insurance companies and is designed to
help cover these out-of-pocket costs. It works alongside Original Medicare, providing
additional financial assistance to beneficiaries.
Your Medicare Supplement Insruance plan is generally only going to cover those services that Original Medicare covers . These are called Medicare-allowed or Medicare-covered charges. Most “medically necessary” services are covered by Original Medicare and would then be covered by the Medicare supplement Insurance plan.
To Buy Medicare Supplement insurance plan, you must first enroll in Medicare Part A and
Medicare Part B. If you only sign up for Medicare Part A when you turn 65, usually because
you or your spouse are still working, then you will need to contact the Social Security
Administration to enroll in Part B.
Once you are enrolled in Medicare Part A and Medicare Part B, you can Buy Medicare
Supplement Insurance plan. It’s important to know that in the first six months of Medicare
Part B enrollment, you can purchase a Medicare Supplement plan without worrying about
preexisting conditions or being accepted. This is called the guaranteed issue right period.
