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.

Mintco Financial Medicare Buffalo NY

Need a Medicare Supplement Quote Online in Western New York?

Go to www.MintcoFinancial.com

Call 716-565-1300

Email us at info@mintcofinancial.com