MEDICARE SUPPLEMENTAL INSURANCE
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MEDICARE (MED SUP) or Supplemental Insurance Policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits. A Medicare Supplement Insurance (Medigap) policy helps pay some of the health care costs that Original Medicare doesn't cover, like:
• Copayments
• Coinsurance
• Deductibles
Medigap policies are sold by private companies.Some Medigap policies also cover services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, here's what happens:
• Medicare will pay its share of the Medicare-approved amount for covered health care costs.
• Then, your Medigap policy pays its share.
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8 THINGS TO KNOW ABOUT MEDIGAP POLICIES
1. You must have Medicare Part A & Part B.
2. A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
3. You pay the private insurance company a monthly premium for your Medigap policy. You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.
4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
5. You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.
6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
7. Some Medigap policies sold in the past cover prescription drugs. But, Medigap policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
8. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan, unless you're switching back to Original Medicare.
Medigap Underwriting
Each Medigap Plan sets its premium pricing. This means, one Medigap company can charge a higher premium rate than another. Medical underwriting allows companies to determine premium costs, according to the client’s health condition.
Licensed agents work with many different carriers. Agents have the proper tools to determine whether a client
can pass medical underwritingcolor for a specific company.
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Working with an agent
Medicare Insurance Agents and Brokers can provide information about health plans.
Check list BEFORE you enroll
3 Months Before Your 65th Birthday: Did you enroll in Part A during your Initial Enrollment Period?
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