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Medicare Supplement Plans

How Medicare Supplement Plans Work

Medicare Supplement Plans or Medigap Plans are plans designed and sold by private insurance companies to fill the “coverage gap” between what Original Medicare will cover and what you are responsible to cover. Remember, Original Medicare (Part A and Part B) only cover a portion of your qualifying medical expenses. You still have a co-insurance, co-payments, and deductibles to meet. But the actual costs and benefits depend largely on what plan you select.

There are 10 plan types available in most states, with each plan labeled with a different letter that corresponds with a certain level of basic benefits. This means that all plan “G” plans provide a specific standardized benefit, or all plan “K” plans provide the same standardized benefit. This makes it easier to navigate and understand being the main difference between plans under the same letter will be the premium cost.

Much Does A Medicare
What doesn’t a Medicare Supplement Plan cover? Well, that’s easy. It won’t cover medical expenses not covered by Original Medicare! Unlike some Medicare Advantage Plans, you will not see additional benefits like vision, dental, hearing aids, and more. These policies are literally designed to cover the portion of your qualifying medical expenses that Original Medicare doesn’t cover.
Casualty-Insurance

How Much Does A Medicare Supplement Plan Cost?

The cost of a Medicare supplement plan varies by plan type, which determines how much additional coverage you have. Because these plans are sold by private insurance companies, • Different insurance companies may charge different premiums for the same exact policy. As you shop for a policy, be sure you’re comparing the same policy (for example, compare Plan A from one company with Plan A from another company).

Medicare-Part-C

Have A Licensed Independent Insurance Agent Help You…

As you can see, nothing is simple with Medicare. With so many plans, rules, and coverage options, it is important to have someone who is educated in Medicare by your side. At Greystone Insurance Solutions, we are here to help navigate the complexities of Medicare to ensure you have the coverage you need! With things like coverage limitations and no out-of-pocket maximums, it is important to make sure you know all of your options! Contact us today for a free Medicare review. Together, we will discuss things like your current healthcare needs, prescription drugs, preferred physicians, and more. Then, we can help you understand what each plan offers and what is going to benefit you more in the long run!