MEDICARE SUPPLEMENT (“MEDIGAP”) PLANS
Avoid Gaps in your Medicare Coverage with a Medicare Supplement Plan
One of the biggest misconceptions about Original Medicare (Part A and Part B) coverage is that you pay your premium, deductibles, copays, and coinsurance and all the rest of the costs are covered. Unfortunately, that is not true. Many Medicare beneficiaries are shocked when a bill arrives from an outpatient procedure or hospital stay to find out they are responsible for 20% of the cost of service. These gaps in coverage can be financially devastating to many. Fortunately, there is a solution. Medicare Supplement, also known as Medigap insurance plans provide peace of mind to Medicare beneficiaries.
What is Medicare Supplement “Medigap” Insurance
Medigap insurance plans are standardized health plans sold by private insurance companies to help alleviate gaps in coverage for Medicare beneficiaries only covered by Original Medicare. A Medicare Supplement plan transfers the major out-of-pocket costs of Basic Medicare to an insurance company. Like Basic Medicare, it allows you to get fee-for-service medical care from any provider who accepts Medicare. These types of plans “wrap around” Basic Medicare benefits and can eliminate your requirement to pay various deductibles and co-insurance.
Advantages of a Medicare Supplement Plan
- Ability to choose any doctor or hospital that accepts Medicare
- No referrals required to see a specialist
- Nationwide coverage
- Coverage while traveling outside of the country with most Medicare Supplement plans.
- Predictable out of pocket expenses
- Guaranteed Renewability – coverage can not be canceled as long as premiums are paid on time.
Medicare Supplement Plans
Medicare has authorized 10 different Medicare Supplement plan designs that are identical in every state. Insurance companies sell these plans and establish premiums by geographic markets. The 10 plan designs are summarized in this graphic:
* Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,340 in 2020 ($2,370 in 2021) before your policy pays anything. (Plans C and F aren’t available to people who were newly eligible for Medicare on or after January 1, 2020.)
** For Plans K and L, after you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.
*** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in inpatient admission.
Medicare Supplement Plans in California
Medicare Supplement plans in California work in many ways like Medicare Supplement plans nationwide, except in California some carriers offer extra benefits to Plans F & G that go beyond Basic Medicare. These extra benefits may include vision, hearing, and gym/health club memberships.
Medicare Supplement Enrollment Period
With the right Medicare Supplement plan you can enjoy the care you need without the financial stress of out of pocket expenses left by gaps in Original Medicare. With so many Medicare Supplement plan choices how do you know which one is right for you? That’s where we come in. Finding the best Medicare Supplement plan depends on your unique health and financial situation. At Griset Medicare Solutions, we get to know you! By finding out what your specific needs are we are able to shop Medicare Supplement plans in your area that fit your ideal situation. The best part is, our services are free.