Medicare Supplement Insurance Plans

Medicare Original is the basic Medicare plan that the rest of the plans are built upon. However, over time, gaps in this original cover were identified, and Medicare Supplement Insurance Plans are designed to help fill those gaps left by the original plan. They feature provisions to help handle out-of-pocket costs, among many others. An important thing to understand about Medicare Supplement Insurance Plans is that they do not replace the original Medicare; instead, they function alongside it, helping to fill in any gaps that the original plan may have. Here is what you need to know about these plans.

What Are Medicare Supplement Insurance Plans

Medicare Supplement Insurance Plans, sometimes referred to as Medigap plans, are sold by private insurance providers, and their primary function is to cover the areas where the Original Medicare plan, Part A and B, do not cover. Some of these areas that Original Medicare does not cover include the following:

• Copayments: Copayments refer to fees paid for a particular healthcare service—for example, a consultation fee to see the doctor would be a copayment. You may also be required to pay a set fee when you pick up a prescription.
• Co-insurance refers to the healthcare cost you share with your insurance provider. A typical example is when the insurance company pays 80% of the price of a service while you pay the remaining 20%.
• Deductibles: Deductibles are the healthcare costs you must pay before insurance coverage.

Medicare Supplement Insurance Plans are largely standardized, even though private insurance companies sell them. This means that if a Medicare Supplement Insurance plan has the same letter, e.g., Plan G, the benefits will be the same regardless of the insurance company providing it. This standardization makes it easier for individuals to compare plans across different providers and make the most optimal choice.

Key Benefits and Coverage Options

There are several reasons why you should consider Medigap plans. One of the obvious benefits is that these supplemental plans help to reduce your out-of-pocket costs, thus saving you a substantial amount of money if you are worried about healthcare costs and how you would meet them while on Medicare Original. Medigap plans can be a great way to mitigate any risks.

Another reason to consider Medigap plans is the fact that these plans come with greater predictability. Knowing that your plan covers copayments and deductibles means it becomes very easy to predict your healthcare costs. This makes financial planning much easier, especially when facing significant healthcare costs. Another reason many Americans opt for Medigap plans is that there are significantly fewer restrictions on the doctors you can see. This freedom to choose your healthcare provider (as long as they accept Medicare) means you can get the precise quality of healthcare you seek.

Why Choose Jason Rubin Insurance Services?

Jason Rubin Insurance Services is your go-to health insurance brokerage firm when you need the best healthcare plans. Based on our expertise and experience, we understand the healthcare insurance market and can easily match you with the best insurance provider for your needs. Our services are also free of charge!

Take control of your healthcare coverage with Medicare Supplement Insurance Plans. Don’t let gaps in Original Medicare leave you with unexpected costs. Contact us today and find the right plan to complement your coverage.