What is Medicare Supplement Insurance?

With more and more seniors turning 65 and reaching Medicare eligibility we decided to write an article on the question we hear daily "What is Medicare Supplement Insurance?" I know we have many articles on the website that talk about comparing Medicare Supplement plans, but this article well be strictly educational on: what is Medicare Supplement insurance.

What is Medicare Supplement Insurance

A Medicare Supplement plan is insurance that fills in the gaps of Original Medicare (Medicare Parts A & B). Medicare only covers a portion of your healthcare needs and over 15 million Americans have chosen a Medicare Supplement plan to help supplement their coverage.

There are 10 different plan designs. Each of these provides different coverage options but the top three purchased after 2010 are the Plan F, Plan G and Plan N. They provide the best coverage options. Plan F is the most comprehensive plan while the Plan N provides a little more cost sharing.

Medicare Supplement Insurance Example

For instance Medicare has a Part A and Part B deductible. There is also a 20% coinsurance on Part B services after you have met the deductible. A Plan F Medicare Supplement will pay both deductibles and the coinsurance that you would normally have to pay.

Why do you need Medicare Supplement Insurance

You need Medicare Supplement insurance to pay for the costs that would be unbearable for the normal person. A client of ours went to the hospital one time and would have had a $20,000 hospital bill if it would not have been for his Medigap policy. One other thing to know is that a Medicare Supplement and a Medigap plan are the same thing, these words can be used interchangeably.

Before Comparing Plans Know This

An important thing to know when you begin comparing Medicare Supplement quotes is that these plans are standardized by the government. In other words, every company must offer the same basic benefits. A Plan G with AARP is the same as a Plan G with Gerber Insurance Company. It basically comes down to the cost and financial stability of the companies.

We hope this has helped explain "What is Medicare Supplement Insurance." If you have any questions please contact our office at 877-759-5760.

Medicare Insurance Finders and MWG Senior Services - The most trusted advisors in Medicare Insurance!