If you’re on Medicare Part A and B, and they aren’t working to provide the coverage you need to afford your medical bills, there are options to help lower your costs. Talk to a qualified agent certified by the American Health Insurance Plans Trade Association for free to see what types of private health insurance plans can help you supplement your healthcare costs. Medicare agents can help you find the best combination of Medigap premiums and out-of-pocket costs to lower your total healthcare spending.
Consider learning more about Medicare supplemental insurance if Medicare isn’t covering enough of your medical costs to keep your bills affordable. Even if your costs are fairly low on Medicare A and B, it can’t hurt to explore ways to get your bills even lower.
What is Medicare Supplemental Insurance?
Medicare supplemental insurance, also known as Medigap, are health insurance plans that help take care of additional costs or treatments after enrollment in Medicare Part A and B. They are not Medicare Part C Advantage Plans, and it is not legal to have Medigap insurance at the same time as a Part C plan.
These plans are sold by private insurance companies and there are many different options depending on the state you live in. Talking to an agent can help you sort through these plans, which are standardized and available at many different price points.
Why Would I Need Medicare Supplemental Insurance?
Medicare Part A and Part B function much like private insurance, with premiums, an annual deductible and a percentage of allowed charges paid by the program. The biggest difference between private insurance and Medicare is Medicare has no out-of-pocket limit. You could pay thousands in medical bills and never see the end of them.
Medicare Part A charges over one thousand dollars as a deductible for hospital visits, and Part B for medical insurance charges 20% of all services after you’ve met your deductible. For some people, this might be manageable, but if you’re going to doctors appointments almost daily or have many expensive treatments and tests, you could find that your healthcare costs skyrocket and Medigap insurance can help fill that gap.
Medigap does not generally pay for services that Medicare wouldn’t cover. Since they are both insurance programs, they are likely to have similar criteria for covering medical procedures.
Should I Enroll in Medigap or get a Medicare Advantage Plan?
Both Medicare Supplemental insurance and Medicare Advantage Plans are private healthcare plans meant to help facilitate insurance coverage under Medicare. Their coverage and benefits can be tricky to sort through, so the best option is to contact an independent agent and let them review your medical expenses, income, and prescription needs to find Medicare supplemental insurance or a Medicare Advantage Plan that is right for you.
After discussing with an agent, you will have the peace of mind of knowing that you are lowering your medical costs as much as possible to live a full life after 65 while receiving the care you need going forward.