Medicare Supplement

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What is a Medicare Supplement? A Medicare supplement is a type of health insurance sold by private insurers to cover the gaps in Medicare. Medicare Supplements are also called Medigap Plans because they pay the difference between what Medicare pays and what you would be left paying. They fill the gap leaving you with little to no out of pocket cost depending on the plan you choose. There are two supplemental options available to you when you go on Medicare – Medigap and Medicare Advantage. Although many people mistakenly lump the two together, they are very different.

Medicare is complex, with confusing options within the system.

That’s why we’ve partnered with MWG Senior Services – we’re here to help smooth the path to selecting an appropriate  plan that fits your needs.

Although a Medicare Supplement Plan and Medicare Advantage Plan both help complete your coverage, they are not the same thing.

 ⇒ To begin, click here to take a look at the basics of how Medicare works.

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 So, what is the difference in Medicare Supplement (Medigap) and Medicare Advantage?

In general, a supplemental plan pays for the costs that Medicare normally would pass on to you. Medicare has gaps, like coinsurance, copayments, and deductibles. You must pay for these when accessing medically-approved services. That’s where supplemental plans come into play.

Both Medicare Supplement Insurance plans and Medicare Advantage plans are offered by private insurance companies approved by Medicare. With either choice, you continue to pay a monthly Part B premium to Medicare. The main things to think about when deciding between them are:

• Do you want the choice of any provider or are you willing to choose a provider from within a provider network?
• Would you rather buy a separate prescription drug plan or get drug coverage included in one plan?
• Would you rather pay more in monthly premiums and have lower out-of-pocket costs for services you receive or pay a low or $0 monthly premium and co-pays for services as you use them?

 

MWG Senior Services can help answer your questions concerning Medicare issues such as:

It’s kind of complicated – I’d like to learn more! Click here to have an insurance professional contact you for your no obligation consultation.