Medicare Supplement Plans, also referred to as Medigap, are not stand-alone Medicare Plans. They fill in the gaps in the Original Medicare Plan where the plan’s coverage stops. These plans are provided by private insurance companies, but they are approved by Medicare.

Original Medicare and Medigap

Original Medicare is composed of two of the four parts of Medicare: Part A and Part B. Medicare Part A is considered “hospital insurance,” while Medicare Part B is considered more along the lines of actual “health insurance,” since it covers sick visits and preventative services. 

Once you enroll in the Original Medicare Plan, you’re eligible to enroll in a Medicare Supplement Plan or Medigap. Enrolling in one of these supplement plans does not replace your Original Medicare Plan — it simply helps reduce your out-of-pocket costs that are caused by what is not covered under Original Medicare. 

Medigap assists with deductibles, copayments, and coinsurance costs. Some of the Medigap plans that are offered also offer coverage for things that Original Medicare would not, such as medical care when traveling outside the United States. 

Medicare Advantage and Medigap

You cannot be enrolled in a Medicare Advantage Plan and a Medigap Plan at the same time. You’re only eligible for a Medigap Plan if you have both Parts A and B. Medicare Advantage Plans, also known as Medicare Part C, provide and usually exceed the benefits offered by Original Medicare. 

Medigap fills in for Original Medicare; Medicare Advantage Plans not only provide hospital and medical coverage, but they also typically offer prescription drug coverage, as well as vision, dental, and hearing benefits. Some even offer transportation to and from the doctor and a free or discounted gym membership.

One advantage of being enrolled in Original Medicare and a Medicare Supplement Plan, though, is that you’re eligible to receive treatment anywhere across the United States, as long as they accept Medicare. When enrolled in a Medicare Advantage Plan, you typically enroll in either an HMO (Health Maintenance Organization plan) or a PPO (Preferred Provider Organization plan). 

HMOs and PPOs have in-network providers that they prefer you to choose from. If you decide to seek out-of-network treatment, then you’ll pay more out-of-pocket, and may not receive any aid from your Medicare Advantage Plan at all. However, a PPO plan is a bit more lenient than HMO.

Important Facts To Know About Medigap Policies

Remember, in order to enroll in a Medicare Supplement Plan, you must first enroll in Medicare Parts A and B, aka Original Medicare. Medicare Supplement Plans and Medicare Advantage Plans are not the same types of plans. 

• Medigap helps fill the gaps to ease your out-of-pocket costs. 
• Medicare Advantage Plans actually provide full health insurance coverage once enrolled. 

You may also be required to pay a monthly premium for your Medigap Plan. If so, you’re still responsible for paying the Medicare Part B monthly premium as well. As of 2006, Medigap plans cannot cover prescription medications, so you must purchase a separate Medicare Part D drug coverage plan. You’re also responsible for that premium, although some people qualify for the Extra Help program. 

Want to Learn More? Reach Out Today

At iHealthcare, we care about providing you with as much information as possible about your Medicare options. If you’re interested in a Medicare Supplement Plan and would like to learn more about the coverage involved with a Medicare Supplement, give us a call today. We’re here to help!

There are so many different health plans available. Choosing the right one for your needs may seem overwhelming at first, as there are many different options. However, researching and speaking with an insurance professional are great ways to learn more about the different possibilities and select the one that will be best for you.

Deductibles are amounts that are typically paid yearly. Before an individual reaches their deductible, they won’t have the full scope of their health insurance policy. Once the deductible is met, they will typically have access to their full policy. Deductibles are expected to be paid entirely out-of-pocket, though there is a program that can help pay for some deductibles.

High-Deductible health plans

High-deductible health plans are an insurance option that some choose in order to save money. This may sound contradictory, as they do have a higher deductible than other plan options. However, these types of policies typically have lower premiums. 

Premiums are amounts that must be paid monthly, whether or not you use your health insurance coverage. Deductibles are amounts that are only paid when your coverage is used. This means that you could potentially save more money if you don’t use your health insurance coverage. 

Why choose a high-deductible option?

If you are not anticipating using your health insurance but still want to have it in case of an emergency, then this is an excellent option to save you as much money as possible.

Medigap

Medigap is supplemental insurance that’s solely for those enrolled in Original Medicare. The purpose of Medigap is to cover some of the costs that would otherwise need to be paid for out-of-pocket. Enrolling in Medigap is an excellent way to save money and make sure that you’re paying as little as possible. There are two different Medigap policies that have high-deductible options. It’s important to keep this in mind while you’re looking at all of the choices that are available to you.

Making the right insurance choices for you

There are so many different things to keep in mind when you’re looking at different insurance policies. What areas of your insurance you’ve used in the past, any current medical needs you have, and what you’re anticipating the future being like are all things that should be taken into account. High-deductible policies are an excellent choice if you’re not anticipating using your health insurance and are looking for a low premium option. Taking advantage of this choice is a great way to save money while still having access to healthcare.

If you’re interested in learning more about your health insurance options, you can contact us today. We’re here to provide you with information and make sure you have the tools you need to select the right policy for you. We look forward to speaking with you and working with you on your health insurance journey.

Medicare is health insurance that’s primarily made for those 65 and older. It functions as a typical health insurance policy and can save beneficiaries thousands of dollars when it comes to medical costs. Understanding Medicare and the way its coverage works is essential, so let’s go over some of the basics.

There are two main policy options, Medicare Advantage and Original Medicare. Which option you pick will depend on how much flexibility you want your policy to have and the type of coverage you want it to provide. If you want to be able to add additional areas of coverage, then you’ll most likely want to select a Medicare Advantage policy. If you want standardized coverage that includes many basic costs, Original Medicare might be the best choice.

Dual enrollment

Being enrolled in two different health insurance policies, also known as dual enrollment, is entirely possible with Medicare. One of the most common dual enrollments includes both Medicare and Medicaid. This is an excellent option for those that are in a low-income bracket. Eligibility for Medicaid primarily depends on income, while Medicare eligibility primarily depends on age.

Having both policies is a great way to make sure that you’re saving as much money as possible and using your policy to its full extent.

Special Enrollment Periods

Medicare is very specific about enrollment periods. Special Enrollment Periods are granted to those with special circumstances, such as those who have employer health insurance when they would typically enroll in Medicare. Getting a Special Enrollment Period means that you can choose to delay enrollment if that makes the most sense for you.

Maximizing your health insurance policies

Saving money is important, and that’s why Medicare exists. In fact, enrolling in two different policies is one of the best ways to save as much money as possible on your medical bills. Understanding your policies and what they include will help you make educated and intentional decisions to save you as much money as possible.

If you’re curious about ways to maximize your health insurance, it can be helpful to reach out to an insurance agent that can provide you with some answers.

If you’re ready to work with an insurance agent, you can give us a call, and we can set up an appointment. Working with new and existing clients is something we love doing, so we look forward to speaking with you and discussing all of your Medicare options!