What Most Seniors Don't Know About Medicare Supplemental Insurance Plans

Medicare is our country’s health insurance program. The program helps with the cost of health care, but does not cover all medical expenses or the cost of long term care. It is split into different parts and can easily get confusing. Medicare Supplemental Insurance Plans, or Medigap as it is often referred to, is provided by private companies and can help pay for some of the services that are not covered on your Medicare Plan.

What sort of services are covered?

A Medigap plan usually covers copayments, coinsurance and deductibles. Some policies will also cover you if you fall ill when travelling outside the US. What they do not generally cover though is eye and dental checks, hearing aids, glasses,long term care or private nursing.

Is this the same as a Medicare Advantage Plan?

No, a Medicare Advantage Plan is a way to get enhance the services received under your Medicare Plan, while a Medigap plan supplements the services that are currently available.

What do I need to be aware of when considering a Medicare Supplement Insurance Plan?

You must be enrolled to receive Medicare Part A and Part B before investing in a Medigap plan - you’ll pay your monthly premium on top of your Part B premium. Unfortunately, Medigap plans only cover one individual, so if both you and your spouse want to take out a policy, you will have to do it separately and you can buy a policy from any insurance broker who is licensed to sell them. Please be aware that it is illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.