Welcome to the world of Medicare Supplement plans, where you can bridge the gaps in your healthcare coverage and enjoy greater peace of mind! With the myriad of options available in the healthcare industry, it can be hard to stay informed about what’s best for you. That’s why we’re here to shed light on the advantages of Medicare Supplement plans, also known as Medigap policies.
Medigap plans are insurance policies offered by private, Medicare-approved companies. They are designed to fill in the coverage gaps left by Medicare Parts A and B (Original Medicare) and work alongside your Original Medicare coverage.
While Original Medicare provides coverage for many healthcare costs, Medigap plans step in to cover various out-of-pocket expenses that Original Medicare may not fully cover. Some of the costs covered by these plans include Medicare deductibles, coinsurance, copayments, doctor’s services, lab costs, and even medical care abroad.
To keep the benefits of your Medigap plan active, you’ll need to keep up with your monthly premiums for the plan itself and any premiums associated with Medicare Parts A and B. Depending on your work history, you may not have to pay a monthly premium for Part A if you or your spouse worked for over 40 quarters or for the government. Medicare Part B has a standard monthly premium ($164.90 for 2023), which can be adjusted based on your income.
There are several Medigap plans to choose from, each offering different coverage options and costs. The plans include: