Once you hit the age of 65 you can become eligible for Medicare. While Medicare does provide a good deal of medical coverage, it doesn’t cover it all. This is why some people choose to purchase a separate policy that helps to fill in the gaps of Medicare coverage. This type of policy is known as Medicare Supplement insurance.

What Exactly Does Medicare Supplement Insurance Do?

Medicare Supplement insurance, which is also known as a Medigap policy, is a type of extra health insurance that you can buy from a private company.

The purpose of a Medicare Supplement Policy is to help pay for some of the health care costs that are not covered under the benefits you receive from original Medicare. This includes things, such as:

  • Co-payments
  • Deductibles
  • Co-insurance

In addition, some Medicare Supplement policies may also provide coverage for medical care if you travel outside the United States.


How Does Medicare Supplement Insurance Work?

Since Medicare Supplement insurance is designed to fill in the holes in coverage that Medicare doesn’t cover, Medicare will first pay its share of the approved amount that is covered for your health care costs. Once that amount has been determined and paid, your Medicare Supplement policy will step in and pay its share.

How Do You Pay for Medicare Supplement Insurance?

Medicare Supplement insurance is billed to you in a way that is similar to other types of insurance that you may buy. You pay a monthly premium for your Medicare Supplement policy just as you would a regular healthcare insurance policy.

How do you qualify for Medicare Supplement Insurance?

To qualify, you must first already have Medicare Part A, which is the part of original Medicare that pays for hospital services, and you must have Medicare Part B, which provides coverage for the cost of doctor services. Once you have Part A and Part B, and if it is your Open Enrollment period, which is 3 months prior and 3 months after your 65 birthday, or your guarantee issues period, which is 63 days after you lose coverage from work, then you can purchase a Med Supplement with no underwriting or medical questions asked.

The 5 Things You Need to Know About Medicare Supplement Insurance:

Medicare Supplement policies only cover one person. If you want both you and your spouse to have this type of coverage, you will each have to buy your own separate policy.

As long as you pay your premium each month, the insurance company cannot cancel your policy. This means that any standardized Medical Supplement policy is guaranteed as renewable even if you suddenly find that you have developed health problems.

Although Medicare Supplement policies were once able to cover the cost of prescription drugs, this is no longer the case. Policies there were sold as of January 1, 2006, can no longer include a prescription drug coverage If you do want to have prescription drug coverage, you can do so by joining a Medicare Prescription Drug Plan (known as Part D). Even if you are not currently taking any prescriptions, if is still important to purchase a Part D – ask me why!

A Medicare Supplement policy does not cover everything. Most policies do not cover vision or dental care, hearing aids, eyeglasses, private-duty nursing, or long-term care.

Premium costs may vary depending on the plan and location. In some cases, even if it is for the same standardized benefits. In fact, most Part D plans are very reasonably prices, some as low as under $30 a month. Since this is not something you have to purchase, let me know if you would like something like this and we can discuss your options.

Is a Medicare Supplement Policy Right for You?

Now that you have a better understanding about Medicare Supplement insurance plans, you are probably wondering if one of these plans is right for you. I would love to sit down with you and help you figure this out. There’s a good chance I am already helping one of your neighbors in Acworth, Kennesaw, or Marietta.

Let’s set up a time to talk. It’s easy to do. Just click here and fill out the form. I’ll receive an email and get back to you right away. Or, call me at 770-527-5598. I look forward to assisting you.

A Testimonial:

“I had been hearing such controversy regarding Obamacare, the whole subject was confusing. Luckily, the Insurance Nana® explained all our options and now we’re saving on the cost of health insurance!” –Dr. Edward M.

>>>Still not convinced if Medicare Supplement Insurance is right for you? Watch this video to hear Keith Ivey’s personal experience with Medicare Supplement Insurance: