If you are a Medicare beneficiary that isn’t sure if they need a Medicare Supplement Insurance policy, you wouldn’t be the first. Medicare is a complex system, so sometimes it’s hard to decide which parts you need and which parts you don’t. To find out if you need a Medicare Supplement Insurance plan, keep reading.
What Is a Medicare Supplement Insurance Plan?
Medicare Supplement Insurance, or Medigap, is a supplement to Medicare coverage. These plans are designed to provide additional coverage for routine services that Medicare covers, and sometimes, coverage for services that aren’t directly covered by Medicare. With a Medigap plan, you will be reimbursed for costs that you pay directly out-of-pocket. What costs are covered and to what extent they are covered depends on the specific plan you choose.
There are ten different Medigap plans in 47 states to choose from, each offering a different arrangement of benefits and coverage. The plans are offered by private insurance companies, but fortunately, they are standardized. That means you won’t have to worry about receiving different benefits from plans no matter where you are.
Who Is Eligible For Medicare Supplement Insurance?
Anyone who is enrolled in Original Medicare may be eligible to purchase a Medigap plan. Though, many states don’t require Medigap plans to accept people below age 65. If you qualified for Medicare due to a disability and are under age 65, there is a chance you won’t be eligible to purchase a Medigap plan.
Should You Get Medicare Supplement Insurance?
It’s usually a good idea to purchase supplement insurance. Medicare isn’t a blanket insurance plan, therefore you can expect that there are holes in it. With Medicare Supplement Insurance, you can fill these gaps that may otherwise become costly. Note that even routine services come with copayments and deductibles, so there are significant opportunities for savings through Medigap plans.
Which Medigap Plan Should You Get?
Which Medigap plan is best depends on your unique circumstances. For some people, the most comprehensive plans are ideal. Though, others prefer basic coverage from the most simplistic plans. It’s hard to dictate which plan you should choose without knowing your situation. That’s why we suggest that you call 866-779-3553 to get in touch with Magellan Healthcare. We can help you determine which Medigap plan is best and provide a quote on coverage in your area.
