Medicare Supplement Plans: All Things You Need To Know Before Buying

​Medicare Supplement Plans or Medigap helps in filling some of the gaps in the Original Medicare plan. Although the Original Medicare pays for almost all of the costs, there are still holes in Medicare's healthcare services coverage. Included in the Medigap coverage are deductibles, coinsurance, and copayments. 

Medigap Policies

• Before buying a Medigap, one must have Medicare Parts A and B.
• Medicare and Medigap are distinct from each other. 
• A Medicare plan is a method of getting Medicare benefits, while a Medigap is only extra privileges to the original Medicare plan. 
• Payments of monthly premiums are only an addition to the costs for Medicare. 
• The Medigap policy covers only one person. In cases of marriage, each spouse has to buy their own Medigap. 
• Most licensed insurance companies sell a Medigap policy.
• Standardized Medigap policy is renewable even with pre-existing conditions. 

Medigap Cost
There is price variation even though Medicare supplement plans are standard already. They vary depending on the insurance company that sells them. Here are the standard policies of an insurance company in pricing Medigap:

1. Community 
   Regardless of sex or age, most insureds pay the same amount. The premium increase is more associated with the economy of the community more than the person’s health. 
2. Issue-age
   It is a general rule that younger people pay a smaller amount than older people. Premiums may increase as the person gets older because of inflation.
3. Attained-age 
   Payments for premiums are less for younger people and more for older people. 

Despite the increase in premiums, many insurance companies offer discounts for specific considerations. For example, there are discounts for non-smokers, women, or if the person makes an advanced payment. 

Medigap benefits

• Several Medicare Supplements plans eliminate out-of-pocket costs.
• Once a person enrolls in the open enrollment period after turning 65 years old, exclusions are no longer allowed. 
• Almost 80% of emergency services are covered if the person is outside the United States. 
• There are a variety of plans suited for a person’s specific healthcare needs.

Although Medigap policies do not have coverage for long-term care, Medigap policy still minimizes the fear of health care uncertainties. It helps in avoiding financial dilemmas in case the Original Medicare may not cover the entire medical costs. It is worth it because people can keep their Medicap policies for the rest of their lives. 

At Medicare Simplified KC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (816) 701-6661 or Click Here to request a free quote.