Medicare Supplement Plans
For decades, Medicare has provided millions of American citizens with vital health care services. As good as the Medicare program is, it does not cover all of the costs of being sick. Consequently, what is not covered by Medicare becomes your personal financial responsibility. Medicare Supplement insurance plans cover costs that are not paid by Medicare, such as co-pays, deductibles, and other gaps in coverage. As you approach retirement age, the rising cost of health care services makes understanding Medicare, its gaps in coverage and limitations a very important consideration.
What is a Medigap Policy?
A Medigap policy is a Medicare Supplement policy sold by private insurance companies to fill the gaps in the Original Medicare Plan. If you are enrolled in the Original Medicare Plan and you have a Medigap insurance policy, both will pay their shares of covered health care costs. All policies are "standardized", and must all have specific benefits so that you can compare them easily. There have been 10 standardized Medigap plans since 1992, known as Plans A through J. In 2005, two new Medigap plans became available, known as Plans K and L. You may be able to choose from up to 12 different standardized policies.
The Same Benefits, But Costs Will Vary Greatly
The benefits in any Medigap Plan A through L are the same for any insurance company, but costs can vary significantly from one company to the next, depending on your age and where you live. Find out if you are paying too much for Medicare Supplement Insurance by completing the Medigap Comparison Request form, or call Medicare Solutions to speak with a specialist who can assist you.