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Medicare Supplement & Medigap

In the United States, Medicare is a well-known health insurance program administered by the government for American employees. Medicare is an insurance program designed for those who are over the age of 65 and for those who fall under the category of the disabled. Medicare Supplement Insurance is a supplement to Medicare that is considered to add coverage to Medicare where additional benefits may be available. Also known as Medigap, Medicare Supplement Insurance may provide an insured further coverage for limited long-term care expenses. The Medicare beneficiary must purchase the Medicare Supplement.

One should go for the Supplement just because there are gaps in Medicare. In fact, Medicare was never intended to fully cover all your medical fees. With the ever-increasing costs of prescription drugs and other forms of maintenance, it has now become almost impossible to manage without a supplement. Almost all leading health insurance carriers can sell you a Medicare Supplement insurance benefits package. Medicare supplemental insurance plans, however, have to be approved by the government’s Department of Insurance so that no discrepancy or any inconsistencies may occur. Different health insurance providers offer different types of benefits; so it is a nice idea to shop around for the insurer that suits all your needs.

When you receive comparative quotes for Medicare Supplement Insurance rates, you should keep in mind the following things. First, policy premiums can sometimes be extensively and incomprehensibly disparate. Second, there are several factors, such as the number of claims insurance companies will have to pay, that may cause significant variation in prices. Third, you could well be paying more than double the amount of the premium someone else is paying for receiving exactly the same benefits. Fourth, the insurer will stick to the issue-age method. That means, your premium will be based upon your age at the time of purchase, and it will go up as you add another year. And if not, the buyer of said Medigap policy pays the same price, in spite of the age.

Let us now look at who are eligible to purchase the supplement. As we have discussed above, a Medicare beneficiary who have Medicare Part A and B will be allowed to buy the policy. It should be kept in mind that Medical Supplements do not include long term care, vision or dental care, hearing aids, private-duty nursing care, and outpatient prescription drugs.

Medicare supplement these days is classified into 12 policies – Medigap Plans A to L. Plans A – J are essentially the same, and Plans K and L are similar.

The first ten, i.e., Medigaps Plan A – J have higher premiums compared to K and L and there is virtually no out-of-pocket cost. The basic benefits may be less than K and L, but the additional benefits are higher, that include things like preventive care and foreign travel emergency.

Medigaps Plan K and L have lower premiums. With these two plans, hospice care is included in the basic benefits, and only Medicare Part A deductible, as opposed to Medigaps A – J with an added Medicare Part B deductible.



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