We have all contemplated tomato – tomato. The same distinction is without difference when contemplating Supplement – Medigap. Medicare Supplements are wholly different from Medicare Advantage Plans. So where to begin?
If you’re like me, you’ve found the near-constant coverage of the Coronavirus pandemic relative to our Medicare choices. As a health insurance professional and Certified Medicare Insurance Planner®, I’ve found it important to put the news in the context of my work: we are facing circumstances where having top notch coverage and access to quality care is more important than ever, and I want to help as many people as possible navigate their options. That’s why I’d like to discuss Medigap policies with you today.
Original Medicare – Parts A and B – covers hospitals, doctors, and medical procedures. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. It does not cover prescription medication. Medigap policies are meant to supplement Original Medicare to fill in these “gaps.”
Medigap plans are offered by private insurance companies and there are dozens offered in each state. The plans are standardized which helps you focus on choosing the right letter plan for your needs. Popular plans in 2021 are Plans F, G and N. Using a Medigap policy to supplement your Original Medicare coverage has lots of benefits. Chief among these is flexibility in terms of your doctor. Generally, any physician or facility that accepts Medicare will accept your Medigap plan. Furthermore, many Medigap plans will provide coverage in all 50 states – an especially important factor if you travel out of state often.
As you can see, the coverage provided by most Medigap plans is fairly comprehensive. This, however, often comes with a higher price-tag. To make sure you are spending your money wisely, it is important to choose an A rated carrier. There is also one note of caution regarding the timing of these plans. Outside of your IEP (Initial Election Period) which begins with your Part B effective date, these plans could require medical underwriting in certain circumstances. That’s where I come in. Bayside Medicare brings decades of health insurance expertise, and is poised to evaluate your individual needs to help you select the best plan from an A-rated provider. For help with Medigap, or for answers to any of your Medicare questions, schedule an appointment today!
Stay safe and be well.
Dayna
*As a note, many clients ask about the difference between Medicare Advantage and Medigap policies. For an overview of Medicare Advantage, tune-in for my next blog or reach out to further discuss your individual options.
About Dayna Schafer
Dayna is a Certified Medicare Insurance Planner® and a member of the Rise Community. Her agency is located in St. Petersburg, FL where she has helped thousands of individuals and Medicare beneficiaries understand their benefits by ‘Making it Make Sense’. Since 2002, Dayna has certified with triple the average amount of insurers in an effort to relentlessly seek out the right fit for her client’s healthcare needs. If you’d like to contact her, she can be reached at dayna@baysidemedicare.com.
