We are often asked by our clients, and potential clients, “Do I really need a Medicare Supplement Insurance plan?” The answer is almost always a resounding “yes”. But what is a Medicare Supplement Policy?
The US Government Medicare Website has an excellent description and can be found at https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap. There’s a lot of information to digest on that page, but here are the highlights:
A Medicare Supplement Insurance (Medigap) policy helps pay some of the health care costs that Original Medicare doesn’t cover, like:
Medigap policies are sold by private companies.
Some Medigap policies also cover 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, here’s what happens:
- Medicare will pay its share of the Medicare-approved amount for covered health care costs.
- Then, your Medigap policy pays its share.
Best of all – Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy if you pay the required premium.
Now that you have an idea of what a Medicare Supplement Policy covers, it’s important to choose the policy that not only best fits your budget, but also your needs. That’s where the experts at Senior Medicare Solutions can help. Call us at (877) 292-2630 or fill out a contact request form and let us help you navigate through this process to help you make the best decision for you and your family.