MEDICARE SUPPLEMENT PLANS

 

A Medicare supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.

Some Medigap policies also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.

A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.

8 things to know about Medigap policies

    1. You must have Medicare Part A and Part B.
    2. If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can leave the Medicare Advantage Plan before your Medigap policy begins.
    3. You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare.
    4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
    5. You can buy a Medigap policy from any insurance company that's licensed in your state to sell one.
    6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
    7. Some Medigap policies sold in the past cover prescription drugs, but Medigap policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
    8. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.

Medigap policies don't cover everything

Medigap policies generally don't cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.

Insurance plans that aren't Medigap

Some types of insurance aren't Medigap plans, they include:

  • Medicare Advantage Plans (like an HMO, PPO, or Private Fee-for-Service Plan)
  • Medicare Prescription Drug Plans
  • Medicaid
  • Employer or union plans, including the Federal Employees Health Benefits Program (FEHBP)
  • TRICARE
  • Veterans' benefits
  • Long-term care insurance policies
  • Indian Health Service, Tribal, and Urban Indian Health plans

Dropping your entire Medigap policy (not just the drug coverage)

If you decide to drop the entire Medigap policy, you need to be careful about the timing. For example, you may want a completely different Medigap policy (not just your old Medigap policy without the prescription drug coverage), or you might decide to switch to a Medicare Advantage Plan that offers prescription drug coverage.

If you drop your entire Medigap policy and the drug coverage wasn't creditable or you go more than 63 days before your new Medicare coverage begins, you have to pay a late enrollment penalty for your Medicare Prescription Drug Plan, if you choose to join one.

SUPPLEMENTAL INSURANCE

We also offer various types of supplemental insurance plans, which are needed when life’s unexpected health issues come up. Having this type of insurance can save you thousands of dollars in medical bills. Our experienced staff of insurance agents will help you choose the plan that will work for your current situation, as well as help you plan for unexpected problems that may occur in the future. See the information below to read more about the types of supplemental insurance we have available. Supplemental coverage options also referred to as ancillary benefits, are often overlooked, but are an affordable health insurance option for many individuals and families. We offer a wide range of products that can supply extra protection on top of your traditional medical plan.We provide the following types of supplemental insurance protection:

  • Dental Insurance
  • Vision Plans
  • Cancer
  • Life Insurance
  • Hospital Indemnity
  • Critical Illness Plans
  • Short Term Medical
  • Accident Plans

Hospital Indemnity Insurance Plans

What is hospital indemnity insurance?
Hospital indemnity insurance is a type of plan that pays a set amount – per day, per week, per month, or per visit – if you’re confined in a hospital. The Hospital Plan is a hospital indemnity insurance plan.

How is the Hospital Plan different from a traditional medical plan?
Medical insurance reimburses the insured, or provider, for covered and approved medical services, procedures, equipment, and prescription drugs. The Hospital Plan pays a lump-sum payment directly to the insured for a covered hospital confinement, outpatient surgery, and emergency injury or sickness.

Critical Illness and Cancer Insurance Plans

How is a Cancer Plan different from a traditional medical plan?
Medical insurance reimburses the insured, or provider, for covered and approved medical services, procedures, equipment, and prescription drugs. The Cancer Plan pays an immediate one-time, lump-sum payment directly to the insured upon initial diagnosis of covered cancer. The cancer insurance policy benefit can be used for any purpose you choose.

Accident Insurance Plans

Accident Insurance helps you handle the medical and out-of-pocket costs that add up after an accidental injury. This includes emergency treatment, hospital stays and medical exams, and other expenses you may face, such as transportation and lodging needs.