Medicare Supplement Insurance

What is Medicare Supplement Insurance?

A Medicare Supplement Insurance policy, also known as Medigap, helps pay for some of the health care costs Original Medicare does not cover. These include:

Copayments • Coinsurance • Deductibles

Some Medigap policies will also cover medical care you require when traveling outside the United States.
Medicare Supplement Insurance policies are sold by private companies that are approved by the Federal Government.

Am I eligible for Medigap Insurance?

You are eligible to purchase a policy if you are 65 and older and have Medicare Part A and Part B. You may also be eligible if you are receiving disability benefits from the Social Security Administration or the Railroad Retirement Board. 

Once you have a plan, any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.

Does Medicare Supplement Insurance cover prescription drugs?

Some Medicare Supplement Plans in the past covered prescription drugs. But any policies sold after January 1, 2006 aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D)

Will I save money with a Medicare Supplement Plan?

If ever become hospitalized for an extended amount of time, a Medicare Supplement plan could save you lots of money. 

Hospitalization coinsurance costs over 60 days are $341 per day. Longer than 90 days costs you $682 per day. If you ever hit your lifetime reserve, you have to pay all costs. 

Medigap covers these costs for up to a year after Medicare Benefits are used up. A licensed Medicare agent from Young Insurance Group can help you understand your benefits and tell you how much you could save with a policy.

Should I get a Medigap policy?

If you have routine doctor’s office and hospital visits, you can save lots of money through a Medigap policy. If you would like to know how much you could save, a licensed Medicare agent from Young Insurance Group would love to explain the benefits and savings you can expect.