Table of contents
What is Medicare Supplement Insurance?
Original Medicare (Part A + Part B) is a great health insurance plan, but did you know it doesn’t cover some essential medical costs? The best way to compensate for the gaps is by enrolling in Medicare Supplement Insurance, which will ensure adequate coverage.
Medicare Supplement Insurance or Medigap Policies are insurance plans that offer additional benefits and bridge the costs gaps that the Original Medicare doesn’t cover. These plans can cover a range of costs, such as:
- Copays
- Deductibles and Coinsurance
- Hospital Stays
- Doctor Visits
Which Medigap Plan to Choose?
Some Medicare supplement plans also offer savings on Part A & Part B deductibles associated with Original Medicare, all the more reason to buy it. The good news is that our licensed agents at Meta Senior Insurance can educate and recommend the perfect Medicare Supplement Insurance plan that provides the necessary coverage and minimize your out-of-pocket medical costs.
So, get the best Medicare Supplement Insurance Plan to fund the remaining cost not paid by Original Medicare Part A and B.
We recommend Plan G, Plan N, or Plan F (if you qualify).
Plan F is available only to individuals who became eligible for Medicare before January 1, 2020).
If you are Medicare-eligible after January 1, 2020, then Plan G or Plan N will be your best option. If you have a Medigap plan or Medicare Supplement, it pays after Medicare to help cover your deductibles, copayments, and coinsurance that Medicare does not cover. Medigap plans are designed not to replace Medicare Part A and Part B but to fill up the gaps left by your Original Medicare plan.
Medicare Supplement Plans do not cover these medical expenses:
- Routine dental, vision, and hearing exams
- Hearing aids
- Eyeglasses or contacts
- Long-term care or custodial care
- Retail prescription drugs
Why is Plan G the best, and is it right for you?
When you add a Medicare Supplement Plan G to your Original Medicare benefits, your coverage will be pretty comprehensive. If you are new to Medicare, just turned 65, and looking for a comprehensive Medigap policy, then look no further: Medigap Plan G is the best Medicare Supplement plan with the most benefits.
Over the last few years, Medicare Supplement Plan G has gained popularity and has become a go-to plan for 4 million seniors.
How does the Medicare Supplement Plan G or Plan N payment work?
Original Medicare (Part A+ Part B) pays its payment first, regardless of Medicare Supplement Plan. When Medicare has paid its share of approximately 80% of the bill, the remaining 20% will be forwarded to the Medicare Supplement Insurance Carrier, and it will be paid 100% if you’re on Plan G or Plan N.
Exceptions:
- Part B deductible of $233 (Plan G & Plan N don’t cover this amount)
- Part B excess charges are covered by Plan G and not covered by Plan N
- Foreign travel exchange (Plan G & Plan N provide this benefit, after a $250 deductible, the benefit covers 80% of the cost of your care for the first 60 days of each trip, up to $50,000 in your lifetime)
Conclusion
We hope you enjoyed our brief overview on the basics of the Medicare Supplement Insurance Plan. To recap, a Medicare Supplement is a type of insurance you can purchase to cover the gaps in Original Medicare. It is also called a Medigap Plan. There are many things to know about this type of Medicare supplemental insurance, and we hope that this introductory article was able to help you understand some of the basics. Whether you are new to Medicare or have previously purchased a Medicare Supplement Insurance plan, we hope you can have peace of mind and feel confident in your coverage! If you have any questions, we would love to hear from you!
You can contact us to learn more about Plan G and Plan N, get a free quote, and compare your options. Please call us at 603-696-4394 or 1-833-META-T65for a free comparison of your Medigap options.
