Medicare is a great service for helping Americans cover medical costs, but as those of you already receiving Medicare benefits may know, it doesn’t cover everything. That’s where Medicare supplement plans – also known as Medigap plans – come into play. If you are investigating your future coverage plans, or you’re already receiving Medicare and simply want to investigate your Medigap plan options, then you’ve come to the right place. MedicareGov Directory is dedicated to helping you find the right plan for your financial situation and your needs. You can compare Medicare supplement rates right here on-site, or you can call to talk to one of our specialists. To get you on the right track, and help you understand what a Medigap plan can offer, we’ll be discussing the basics of Medicare supplement plans in today’s blog. Read on to learn more and start comparing rates today!

What is a Medicare Supplement Plan?

As we mentioned, original Medicare can offer a lot of benefits to those covered, but there are still some “gaps.” That’s why there are Medigap plans, or Medicare supplement plans. They help pick up where Medicare coverage leaves off to help you afford the medical care that you need.

Medicare Part A and Part B will pay for many services and treatments, like inpatient hospital stays or outpatient care, but it does not cover copayments, coinsurance, or deductibles. Medigap plans can help cover those costs and can pay for other things not included with original Medicare, like the amount non-participating providers charge above the Medicare-approved cost of a service or emergency overseas travel.

How Do Medigap Plans Work?

There are ten standardized Medicare supplement plans offered in Missouri and most other states, and while the coverage levels and premiums may vary, you can expect the same benefits regardless of your location or the private insurance company you choose for your plan. As the name may suggest, these plans supplement your Medicare benefits. When you use your plan to cover the cost of a medical service or supply, original Medicare will pay first, and then your Medicare supplement plan will fill in the gaps.

For example, original Medicare would likely cover most of the bill for an ambulance ride after you meet the deductible. Then, if you have a Medigap plan that covers copayments and coinsurance, that insurance will pay the remainder of the bill. It may even cover your Medicare deductible.

Am I Eligible for Medicare Supplements?

You need to be enrolled in Medicare in order to be eligible for a Medicare supplement plan, and you need to stay enrolled to keep the hospital and medical coverage offered by Medicare Part A and Part B. States are not required to offer Medigap plans for Medicare participants under the age of 65, so if you qualify for Medicare because of a disability or another exceptional condition like end-stage renal disease, you may or may not be eligible for Medigap. You can call your state insurance department and ask them about your specific situation if you want to know for sure whether or not you are eligible.

Whether you are already enrolled in Medicare, or you’re planning ahead, a Medicare supplement plan can offer real assistance in paying for healthcare as you age. Look for more information on the kind of coverage you can expect with a Medigap plan in part two of this series, and explore your options today with help from MedicareGov Directory! You can choose what kind of coverage you think you will need, and we can help you compare rates for Medicare supplement plans in your area. Fill out our online form today or contact us by phone to speak to a specialist!