2018 Best Medicare Supplement Plans WNY
- Medicare supplement insurance is private health insurance that helps pay for health expenses (copayments, coinsurance and deductibles) that are not covered by Original Medicare.
- It fills in the gaps of Medicare coverage and saves patients from potentially high bills and excess charges.
- While Medicare provides good protection for basic health care costs, it does not cover 100% of your medical expenses.
- After you meet your Part B deductible ($183 in 2017), Medicare will pay for 80% of Medicare-approved health care expenses.
- As the patient, you will be responsible for paying the remaining 20%, which is where having a Medigap policy can help.
- A Medigap policy supplements the gap in coverage left by Medicare and protects you against the risk of potentially high medical bills.
- When you have Original Medicare Parts A and B, you have an unlimited 20% coinsurance and a couple of deductibles and large hospital copays.
- Medigap or Medicare Supplements cover all or most of those gaps for you. Thy still allow you to use any doctor or hospital that accepts Medicare.
- Plans f and g are the most popular.
What is the Difference in Medigap and Medicare Advantage?
- These are the two very important, and distinct, options you have when you go on Medicare.
- Medigap plans supplement Medicare, whereas Medicare Advantage plans take the place of Medicare.
- Medicare Advantage is a “privatized” version of Medicare.
- Medicare Advantage plans have lower premiums in exchange for a lower level of coverage and more restrictions (i.e. networks, annual plan changes, pre-approvals, etc).
- You have to be approved to get a Medigap plan if you are not in your initial open enrollment period or a valid “guaranteed issue” period.
- This makes your initial selection important, as you can be stuck in an Advantage plan, unable to qualify for a Medigap plan if you have pre-existing conditions.
Why do I need a supplemental health insurance policy if I have Medicare?
- Medicare will only cover 80% of your medical costs.
- It also has deductibles, co-payments and coinsurance that you’re responsible for.
- Medicare Supplements can cover these extra costs as well as include additional benefits & coverage.
- It’s smart to educate yourself on all the different plans available before you decide.
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