Original Medicare, Parts A, and B, pays for many of your health-care services and supplies, but it does not pay for everything. That’s why you will want to consider getting a Medicare Supplement insurance policy, also called a Medigap policy. A Medigap policy is sold by private insurance companies. These plans help pay some of the hospital and medical costs that Original Medicare does not cover, such as copayments, coinsurance, and yearly deductibles. Basically, a Medigap policy fills the “gaps” in Original Medicare coverage.
A Medigap policy supplements your Original Medicare benefits, which is why these policies are also called Medicare Supplement plans. If you have Original Medicare and a Medigap policy, Medicare will pay first, as your primary insurance, and your Medigap policy will fill in the cost gaps. For example, suppose you have a $5,000 doctor bill and have not yet met the yearly Medicare Part B deductible. Medicare Part B will pay 80% of your doctor bill, minus the deductible amount. The Medigap policy would then pay your remaining 20% coinsurance of your $5,000 doctor bill. Some Medigap policies also pay the remainder of the Medicare Part B deductible you still owe.
If you will take a few minutes to watch the below video. It will give you’re a better understanding of how it all works. The first part of the video explains the cost of Medicare Parts A and B, and what they cover. The second part shows you why you need a Medicare Supplement Plan and which plan will be best for you. It will also show you what your total cost will be when you move to Medicare.
You must be signed up for Medicare Parts A and B in order to purchase a Medicare Supplement Plan.
You will also need to get a Medicare Part D (Prescription Plan) to complete your coverage and to avoid paying a penalty.
If you do not join a Medicare drug plan during your Initial Enrollment Period, you may not be able to enroll until Fall Open Enrollment. Fall Open Enrollment begins October 15 and ends December 7. Changes and enrollments made during Fall Open Enrollment become effective January 1.
Visit www.Medicare.gov to shop and compare ALL Medicare Part D plans approved plans in Texas. This is the best way to never overpay for your Medicare Part D Plan.
Give me a call at (512) 656-9378 to get started!