If you are ready to add a Medicare supplement to your Original Medicare plan, Medicare Supplements Insurance Agency is here to break down everything you need to know. If you need further explanation or have specific questions, contact one of our friendly licensed agents today!

WHAT ARE MEDICARE SUPPLEMENT INSURANCE POLICIES?

Medicare supplement insurance policies (also known as Medigap insurance) are sold by private insurance companies. They are designed to coordinate with Original Medicare to help pay much of the health care expenses that original Medicare does not pay, such as:

• Deductibles
• Coinsurance
• Copayments

Most Medicare supplement policies also cover services that Original Medicare doesn’t cover, such as medical care you may receive while traveling outside the U.S.

When you receive medical care from Medicare Part A or Part B, Medicare will pay its share of the Medicare Allowable Charge for covered health care costs. After Medicare determines the Medicare allowable charge for the covered health care, Medicare then forwards the information to the Medicare supplement insurance company that then pays its share of the covered health care expenses.

MEDICARE SUPPLEMENT PLANS ARE STANDARDIZED

Folks that are new to Medicare and Medicare supplement plans eventually learn that each of the Medicare supplements are standardized by the federal government (except in Massachusetts, Minnesota, and Wisconsin). What this means for the public is that each of the different Medicare supplements, for example Plan G, is the exact same contract from one insurance company to another. In other words, Medicare Supplement Plan G with Company ABC is, by contract, the exact same Medicare supplement as Company XYZ. There are no differences in plan coverage or benefits between the different insurance companies. The federal government does not allow for any differences. The Medicare supplement plans are identical from company to company. The subsequent effect of this standardization of Medicare supplements is that they have become a price-driven product.

Regardless of the insurance company from which you purchase your Medicare supplement plan, it will provide the exact same coverage and benefits. Additionally, the claims processing is the same with each insurance company. The only difference between insurance companies selling Medicare supplements is the price you pay for the plans.

Whether it is the largest of the well-known insurance companies or the lesser-known smaller or regional companies, the Medicare supplement plans are going to be identical contracts.

Finally, since each different Medicare supplement plan is identical from company to company, our commitment to our clients is to connect them with the insurance companies providing the best rates.

Would you like more information on Medicare supplement plans? Compare Medicare supplement plans side by side, or contact us today for more information.