MEDICARE SUPPLEMENT - MEDIGAP
A Medicare Supplement Insurance (Medigap) policy helps pay some of the health care costs that Original Medicare doesn't cover, like:
Copayments
Coinsurance
Deductibles
Medigap policies are sold by private companies.
Some Medigap policies also cover services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, here's what happens:
Medicare will pay its share of the Medicare-approved amount for covered health care costs.
Then, your Medigap policy pays its share.
A Medigap policy is different from a Medicare Advantage Plan. Medigap policy only supplements your original Medicare benefits.
To find out more about Medicare Advantage Plans CLICK HERE.
THINGS TO KNOW ABOUT MEDIGAP POLICIES
You must have Medicare Part A and Part B.
You cannot have Medigap and Advantage at the same time.
You pay a private insurance company a monthly premium for your Medigap policy.
You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.
A Medigap policy only covers one person.
Any standardized Medigap policy is guaranteed renewable. The insurance company can't cancel your Medigap policy as long as you pay the premium.
Medigap policies sold after January 1, 2006, do not have prescription drug coverage.
You may purchase a Prescription Drug Plan (Part D) separately.
It's illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.
What Medigap Policies DON’T Cover
-
Long-Term Care
-
Vision
-
Dental Care
-
Hearing Aids
-
Eyeglasses
-
Private-Duty Nursing
Insurance Plans That Are Not Medigap
Some types of insurance aren't Medigap plans, they include:
Medicare Advantage Plans (like an HMO, PPO, or Private Fee-for-Service Plan)
Medicare Prescription Drug Plans
Medicaid
Employer or union plans, including the Federal Employees Health Benefits Program (FEHBP)
TRICARE
Veterans' benefits
Long-term care insurance policies