About Medicare Supplement Plans

What are Medicare Supplements?

Medicare Supplements, also referred to as a Medigap policy, is private insurance used to help cover and pay for some of the expenses not covered by the original Medicare policy. Even with the additional parts of Medicare that can be added to your plan, there may still be “gaps” which can lead to major expenses in the case of a health problem.

 For a person to be eligible for a Medigap policy, they must have both part A and B of Medicare, which covers hospital stays, stays at a skilled nursing home, doctor’s services, outpatient care, and some other medical services. These Medicare benefits are limited so many people choose to add Medigap insurance, which covers longer hospital stays or longer stays at a skilled nursing home, as well as the first 3 pints of blood and preventative care co-payments. There are numerous Medicare Supplement plans, which are referred to as Medigap plans A-N.

Insurance companies that sell Medicare Supplements must provide certain benefits, although they are not required to sell every available option of Medigap insurance. There are also laws that require insurance companies to sell you a Medigap policy despite pre-existing health care issues under certain circumstances. Medicare Supplements are not available to those with the Medicare Advantage plan. There is also a “trial right” to enroll in a Medicare Advantage Plan that still gives you the option of switching to (or back to) a Medicare Supplement.

When looking for the right Medicare Supplement for you, your spouse, or a parent, it’s important to understand what your Medicare policy is already covering and which Medicare Supplement will be most beneficial to you in the future.  Richardt Insurance can help you get the information you need to make an informed decision that offers value, protection and peace of mind.