Medicare Supplement Plans fill in the gaps in Original Medicare coverage such as, co-pays and deductibles for hospitalization, doctor visits and other medical services. Although Medicare Supplement or Medigap plans may cost more than Medicare Advantage plans, after paying the plan premium, there are few if any extra out-of-pocket expenses. Plan premiums vary by state so make sure that you have an Arizona Medicare supplement.
Consider these facts in deciding if an Arizona Medicare Supplement or Medigap insurance plan for hospital and medical coverage is right for you:
- Medicare does not cover all health care bills.
- Medicare has deductibles and cost sharing for some services
Medicare supplements, or Medigaps, as they are sometimes called are sold by private insurance companies. It is there to reduce the cost out of your own pocket; it fills in the GAPS so you have to pay less. The plans are standardized which means if you enroll in a plan G with one company it will be the same coverage as a plan G with another company. Premiums will vary from company to company. Several companies offer Medicare supplements in Arizona and the key is pick a company that you are comfortable with.
Medicare Supplements have guaranteed issue periods, such as, when you first turn 65 or go on Medicare Part B. Guaranteed issue periods also include; if you lose your existing coverage due to moving, lose group coverage, or if your supplement company leaves your service area. At other times, you will be asked health questions when enrolling.
Medicare Supplement (Medigap)
Original Medicare (Parts A and B) doesn’t cover everything. It only covers a portion of your costs for covered services — and it doesn’t limit what you pay out-of-pocket for health care expenses each year.
To help fill these coverage gaps, many private insurance companies offer Medicare Supplement, or “Medigap”, insurance policies that help pay for your health care costs. When you have a Medigap policy, Medicare continues to pay its share of the approved amount for covered services. Your Medigap policy then pays its share.
Here are some important things to know about Medigap policies:
- You must have Original Medicare (Parts A and B) to buy one.
- They have a monthly premium that you pay to the insurance company.
- You must also continue to pay your Medicare Part B premium.
- They don’t include prescription drug coverage — you must purchase a Part D plan separately.
- They generally don’t cover things like long-term care, vision, dental, hearing or private-duty nursing.
- They only cover one person — if you and your spouse want Medigap coverage, you’ll each need separate policies.
Ready to Take the Next Step?
To learn more about Medicare Part D Prescription Plans, AZ Medicare Supplements, and/or Arizona Medicare Advantage Plans, fill out the contact form at the side or just give Ralph a call at 602-390-8573.
Arizona Independent Insurance Broker representing Medicare Supplement and Medicare Advantage plans