What is Medicare Supplement Insurance?
Medicare Supplement Insurance, also known as Medigap, helps fill in the “gaps” of Original Medicare. Although Original Medicare covers much of the costs for health care services, it does not cover all charges and the individual must cover the remaining out of pocket. This is where Medicare Supplement Insurance comes in and covers the remaining costs.
What does Medigap Cover?
Medigap covers the leftover costs from Medicare, such as copayments, coinsurance and deductibles. Some Medigap policies also cover services that Original Medicare doesn’t cover, like medical care when you travel outside the country; so it is important to discuss all aspects of coverage with a qualified Medicare insurance agent.
Important things to know about Medigap policies
The following are items directly from Medicare.gov:1
- You must have Medicare Part A and Part B.
- A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
- You pay the private insurance company a monthly premium for your Medigap policy. You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.
- A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.
- You can buy a Medigap policy from any insurance company that’s licensed in your state to sell one.
- Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
- Some Medigap policies sold in the past cover prescription drugs. But, Medigap policies sold after January 1, 2006 aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D). 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.
- It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you’re switching back to Original Medicare.
When can I buy Medicare Supplement Insurance?
The optimal time to buy a Medigap policy is during your individual 6 month Medigap Open Enrollment Period. Ultimately this 6 month Open Enrollment Period for Medigap automatically starts when you first enroll in Medicare Part B Medical Insurance.2 If you have missed your Individual Open Enrollment period for Medicare Supplement Insurance, it is extremely important to contact a Licensed Medicare Insurance agent to see what options and policies may be available for your Medicare and Medigap needs.
CSG Medicare Pros, Qualified and Licensed Medicare Brokers
CSG Medicare Pros agents are experienced and licensed specializing in Medicare Health Insurance providing Medicare (parts A and B), Medicare Supplemental Insurance (Medigap), Medicare Advantage (Part C) and Medicare Prescription (Part D) plans. We serve Medicare recipients in every county in Arizona including in the cities of Phoenix, Mesa, Tempe, Chandler, Apache Junction, Gilbert, Tucson, Kingman, Bullhead City, Prescott, Flagstaff, Yuma, Sierra Vista and more. CSG Medicare Insurance Agents are independent, licensed and appointed with multiple insurance carriers to give you a wide variety of choice. For more information, call (480) 635-4050 or (928) 263-8500.