Medicare Supplement Insurance, also known as Medigap, is designed to help fill the missing gaps that Medicare does not typically cover.
A commonly asked question is “What does a Medicare Supplement plan cover?” Medigap takes care of the extra expenses that your original Medicare insurance plan does not cover.
These policies are a secondary coverage to Medicare. Medicare, unfortunately, is not free and does not cover all of your medical bills.
This is where Medigap makes a difference.
There are a variety of options you can select when choosing a Medigap Supplement Insurance plan that are characterized by letters.
What Does Supplemental Insurance Cover With Medicare?
When it comes to Medicare Supplemental insurance, you may have some questions.
Medigap covers various medical expenses that are not paid through your original Medicare policy. These include things such as,
Deductibles and copays
Coinsurance
Remaining cost of hospital stay after exceeding Medicare’s covered days
Out-of-pocket expenses not covered by your original Medicare
Who regulates Medicare Supplement plans?
State and federal laws regulate Medicare Supplement policies, or Medigap.
Medicare Supplement Insurance Plans in Michigan
Who provides Medicare supplement policies?
There are a variety of insurance companies that offer Medicare Supplement plans. A few include,
BCBS of Michigan
Humana
United Healthcare
Priority Health
Medigap is standardized in most states. This means that each plan will offer the same basic coverage no matter what insurance company you go through.
This means that you will have the same health coverage with any insurance company that you choose to go through. Where the differences start to occur is the cost for each plan across each insurance company.
Medicare Supplemental Insurance Plan Ratings
There are 10 different Medicare Supplement plans ranging from Plan A through N all of which offer different levels of coverage.
Choosing a plan will vary from person to person depending on what you’re looking for.
At Your Local Medicare Help, we are an unbiased Independent Agency. We will work with you to help you find the best rate available for the letter plan you choose.
We have a special tool that compares rates from every Medicare supplement insurance company in your area. This ensures that we save you time and money.
Do Medicare Supplement Plans Renew Automatically?
Yes, Medicare Supplement plans do renew automatically, so long as you pay your premium.
Once someone receives coverage through a Medigap policy, as long as they continue to pay their monthly premiums, the policy will continue to renew every year meaning it is guaranteed renewable.
Is It Too Late to Get Medicare Supplemental Insurance?
No. You can apply for a Medigap plan at any time throughout the year.
If you need help comparing Medicare Supplemental plans, contact us today and we will provide you with our knowledge.
Comments