What is Medicare supplement insurance?
A Medicare supplement insurance policy commonly known as Medigap, is health insurance that can help pay some of the health care costs that Original Medicare does not cover, like coinsurance, copayments, or deductibles.
Who should consider getting a Medicare supplement insurance policy?
Anyone who is 65 or older who has an Original Medicare policy. If you have an Original Medicare policy and a Medigap policy, Medicare will pay its share of the Medicare-approved amounts for covered health care costs. Then your Medicare Supplement insurance policy will pay its share. Medicare Supplement Insurance policies differ from Medicare Advantage Plans like an HMO or PPO because the policy only supplements the costs of your Original Medicare benefits instead of trying to get you Medicare benefits.
Who sells Medicare Supplement Insurance?
Private insurance companies sell these policies. Insurance companies generally cannot sell you a Medicare supplement policy if you have coverage through Medicaid or a Medicare Advantage Plan. Also, Medicare supplement insurance does not cover your share of costs under other types of health coverage such as Medicare Advantage plans (HMOs or PPOs), standalone Medicare Prescription Drug Plans, employer/union group health coverage, Medicaid, or TRICARE.
When should I buy Medicare Supplement Insurance?
Right now, during the Medicare Open Enrollment period. This period lasts for 6 months and begins on the first day of the month in which you are both 65 or older and enrolled in Medicare Part B.
To learn more about the benefits and coverages that Medicare Supplement Insurance can offer or to enroll now, call or email Lashonda Degeneffe at Paroubek Insurance at (920) 347-9115 or Ldegeneffe@paroubekinsurance.com
Source: https://www.medicare.gov/Pubs/pdf/02110-medicare-medigap-guide.pdf