What You Need To Know About Medicare Supplement Insurance In 2022

Medicare Supplement Insurance or better known as Medigap, covers the health care costs covered by your traditional Medicare plan. This supplemental insurance covers co-payments, co-insurance, and deductibles. Some plans offer health care costs coverage if traveling outside the US.
​
To fully enjoy the benefits you can get in Medigap and know its coverage limitations, here is the list of the things you should know about your Medicare Supplement Insurance.

Medigap Policies Does Not Cover Everything
Medigap policies typically do not cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing care.

Several forms of insurance aren't Medigap plans, such as:

• Advantage Plans for Medicare (like an HMO, PPO, or Private Fee-for-Service Plan)
• Plans for Prescription Drugs under Medicare
• Medicaid
• Employer or Union-sponsored programs, such as the Federal Employees Health Benefits Program (FEHBP)
• Tricare
• Benefits for Veterans
• Long-term Care Insurance Plans are policies that cover the costs of long-term care
• Tribal and Urban Indian Health Insurance Service

Medigap Covers Only One Person
Only one individual is covered by Medigap coverage. You'll have to buy separate insurance if you want to insure another person.

Premium Varies But Benefits Are The Same
You can use either word to refer to the same health insurance plan that Medicare Supplement and Medigap are.

To clarify, consider "Medigap" as a plan that fills in some of the "gaps" for things that Original Medicare (Parts A and B) does not cover. "Medicare Supplement" refers to a plan that supplements or adds to Original Medicare coverage by covering some of Medicare's out-of-pocket expenses.

You Can Renew Your Policy Even if You Have Health Problems
Even if you have health difficulties, any standardized Medigap coverage is guaranteed renewal. This means that as long as you stay registered and pay your premiums, your Medigap coverage will not be canceled.

In Summary
Unlike Original Medicare (Parts A and B), which the government manages, Medicare Supplement insurance plans are provided by private insurance firms. They can help you pay for out-of-pocket costs for treatments covered by Original Medicare. Co-payments, co-insurance, and deductibles are examples of these charges.

At Insurance Plans of America, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (877) 752-6711. Get your free quote today by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!