Medicare Supplement and Medigap Insurance Overview

What is Medicare?

The US government provides seniors with health insurance coverage through Medicare, a social program that caters to citizens aged 65 and up as well as people who qualify for this program due to their special medical needs. Medicare also helps educate younger physicians in the country by funding programs that offer residency training for many of these medical professionals.

Medicare offers four branches of medical aid. These are Parts A, B, C, and D, which cover hospital insurance, medical insurance, Medicare Advantage, and prescription drugs, respectively. All benefits you can get from Medicare are given based on how much you need medical attention.

Medicare Parts A and B do not cover all medical expenses you may build up. If you are a Medicare member, this governmental health program needs you to pay for deductibles, premiums, and coinsurance out of your own budget. As a result, many Medicare members choose to apply with and use other government programs like Medicaid.

Medicare Supplement and Medigap Insurance

Because Medicare lacks in terms of the health coverage the program offers, members have chosen to turn to Medicare Supplemental Insurance, also known as Medigap. The supplemental insurance program is thus called because of its ability to bridge the “gaps” in the medical expenses Medicare covers and the total medical costs of many of its members. Under certain circumstances, a Medicare member’s medical expenses are much larger than the value of the benefits the program is able to provide. Medigap essentially covers the difference between the two values – the reimbursements Medicare gives and the sum total of the expenses charged to people who have both Medicare and Medigap insurance.

Your Medicare Supplement insurance is a health insurance plan that may cover all or some of the “gaps” with Medicare, such as copay, coinsurance, excess charges, and deductible differences. Medicare Supplement insurance, or Medigap, is easy to use because this type of insurance is standardized across the country, making it more convenient for members to canvass and choose Medigap insurance plans. Medigap insurance plans range from Plan A to Plan N, with varying terms and degrees of medical insurance coverage.

Why is Medigap Useful?

Many members don’t know that a Medigap Insurance Plan F from an insurance company, for example, may sell at close to half the price with another company – this is the same plan that offers the same degree of coverage and amount of “basic benefits”. The same professional network provides medical attention to buyers of both plans from both companies. Knowing this can help you save almost a hundred dollars per month to upwards of a thousand per year. Industry professionals know this, which means that working with a Medigap agent or broker can help you save a lot of money and give you the same basic medical benefits.

What Puritan Can Do for You

If you’ve contacted a number of companies for good rates, you may find that other insurers can give you even better rates for the same plan. Our Medigap Insurance agents can give you access to coverage from multiple reputable insurers and inform you what insurance company can give you the best rates, all in a five-minute consultation. If you find it hard to obtain coverage for whatever reason, we can point you towards companies that have less stringent requirements.

Medigap insurance rates incrementally increase every year. Our agents can go through your current Medigap insurance plan with you, and help you decide on other plans or other insurers that can give you better coverage at a better rate. Again, this can help you save upwards of a thousand dollars during your lifetime as a Medigap consumer.

Your Puritan Life Advisor* is available to review your current policy needs. Call today to schedule an appointment!