How Medicare Supplements Work
Medicare supplements are insurance plans that provide coverage after Original Medicare A and B benefits. Some people also call these plans either Medigap or Med Supps. There are many plans you can choose from. All these plan options have standardized benefits from plan to plan. This simply means that if a company is offering a plan F supplement, the benefits will be the same from company to company. The only difference in the plans will be in the monthly premium. As a result, it is very important to compare prices when you decide on which company’s plan you are going to use.
Original Medicare programs both A and B in general provide 80% coverage for Hospital (part A) and outpatient services (part B). The benefits are not a straight 80% / 20% on everything. There are some co-pays and other cost sharing. Although, the actuarial equivalent comes out to 80%. The whole point of buying a Medicare Supplement is to cover the 20% that is not covered by original Medicare. When you buy a Med Supp, Original Medicare stays in place as your primary insurance. This means that you will be able to see any doctor that participates with Medicare. Because original Medicare offers a larger selection of doctors as compared to the networks of a Medicare Advantage Plan. Please note; Medicare supplements do not provide Part D drug coverage. You must purchase a separate plan if you would like to obtain part D drug benefits.
Please call us if you have any questions about any health plan you are considering signing up for. You can contact us at either (203)796-5403 or by email at [email protected] As always, we are here to help you make good healthcare coverage decisions. That work for both your medical needs as well as your budget.