MedSupp 101

What’s a Medicare Supplement (Medigap Plan) and What’s All The Hype About?

Upon turning 65 or retiring/losing group coverage the world of Medicare can be a confusing and overwhelming one to navigate. First, determining the steps to enroll in Medicare and following all of the deadlines is a lot to manage, then you have to determine what Secondary Medicare Plan is the best fit for your needs, budget, and lifestyle. 😅

We’re going to review one of the ways to help cover the “gaps” of Original Medicare and how these types of plans work for you!

Medicare Supplements, often referred to as Medigap Plans, are Secondary Medicare Plans offered by private insurance carriers. Original Medicare covers 80% of all hospital & medical costs leaving you financially exposed to 20% (keep in mind there is no limit to that 20% exposure). A Medicare Supplement plan will help cover deductibles, copayments and coinsurances for difference services and procedures.

Medicare Supplements are standardized by plan letter by the state. Some plan letters offer more robust/comprehensive coverage than others. No insurance carrier can offer more or less benefits per plan letter.

To learn more about the different plan letters and what they cover click here.

So what is all the hype about a Medicare Supplement? 🤔 Some individuals love Medicare Supplement plans for their flexibility. With a Medicare Supplement you never have to worry about being “in-network” or “out-of-network”. If the healthcare provider accepts Original Medicare, they will accept your Medicare Supplement. For individuals who travel often or spend a length of the year in a different part(s) of the country a Medicare Supplement’s flexibility is a definite bonus.

Also, Medicare Supplements plans can be easier to budget after the monthly premium. After your monthly premium for your Medicare Supplement, depending on your plan letter, you may not have to come out-of-pocket often for different doctors visits, services and items. Once you’re in the retirement stage of life the importance upon budgeting and limiting unexpected expenses is important to your overall finances.

Medicare Supplements do not include prescription drug coverage, so in order to ensure you have comprehensive insurance for all of your healthcare needs you will need to purchase a standalone Medicare approved prescription drug plan.

Do you have questions or want to know what Medicare Supplement may be the best fit for you? I'm here to help!  I am a Blair County based independent licensed sales agent specializing in Medicare.  When working with me, we will review your individual information to find you the best coverage at the best price from the most competitive carriers.  Unlike the large carrier agents who can only show you plans from the carrier they represent, I can select the best plan for you from a variety of top insurance companies!

I am located at 1409 11th Avenue partnered with Saleme Insurance Services.  Don't let Medicare overwhelm you! Give me a call and we'll talk about your needs!  814.707.3124

*Calling the number above will direct you to a licensed sales agent*