What is Medicare Supplement Insurance (Medigap)?

Medicare Supplement Insurance or Medigap is designed to fill in the gaps left by Medicare Part A and Part B, such as deductibles, copayments, and coinsurance. Medicare Supplements are provided by private insurers. While most individuals understand Medicare Part A (hospital insurance) and Medicare Part B (medical insurance), There is often confusion when choosing additional coverage for Medicare.

At Burchfield Insurance Group, we know there is a lot to understand when making decisions about Medicare and we can help. We work diligently to stay on top of the latest information, so we can pass that information along clearly to our clients, like you, as you select the plan best suited to your health needs, lifestyle, and budget.

With Medicare Supplements, you must have Medicare Part A and Part B to enroll in a product. Medicare Supplements do just that, supplement your Original Medicare coverage. A Medicare Supplement plan will step in after your Original Medicare coverage and cover costs not covered by Original Medicare. This provides members valuable peace of mind knowing their out-of-pocket costs, should they need medical services, are significantly reduced. With a Medicare Supplement, you pay the Medicare premium as well as the premium for your Medigap policy.

Medicare Supplement plans are standardized, meaning the benefits of each plan are the exact same regardless the insurance carrier. Currently, there are 9 different supplement plans, each offering a different level of coverage. With Medicare Supplements, premiums are based off of your attained age, meaning they will increase as you age. Medicare Supplements do not require you to utilize a network of doctors. Your coverage is nationwide, including all qualified hospitals and doctors accepting Medicare.

When you first enroll in Medicare, whether it be at age 65 or coming off a group plan beyond age 65, you are in your guarantee issue period where you do not have to answer health questions and cannot be denied enrollment based on health status. However, if you are enrolling in a supplement outside of this period, you will have to answer health questions and can be denied coverage based on pre-existing conditions.

It is important to note that none of Medicare Supplements currently offered include prescription drug coverage. To obtain prescription coverage, you would need to purchase a stand alone Part D product. Failure to enroll in a Part D plan when you are first eligible, can potentially result in permanent penalty.

Medicare Part D & Medicare Supplements

Deciding if a Medicare Supplement coupled with Medicare Part D is right for you depends on a number of different factors. As you make your decision regarding Medicare plans, the professionals at Burchfield Insurance can guide you. We will help you compare Medicare Supplements, Medicare Part D, and Medicare Advantage Plans and help you choose the options ideal for your unique individual needs.

Have Questions About Medicare Supplements? Burchfield Insurance Can Help

Medicare Supplements, also known as Medigap Plans, work hand in hand with Original Medicare to cover medical expenses not covered by Original Medicare (Part A and Part B). This additional coverage can offer you peace of mind knowing your out-of-pocket costs, should you need medical services, are significantly reduced.If you have questions about Medicare Supplements, contact the team at Burchfield Insurance to help you with the answers you need to make the perfect decision.