Medicare Supplemental Insurance

It may sound a little confusing when you read or hear two names mentioned, but Medicare Supplemental Insurance and Medigap Insurance are the exact same thing. Both are optional insurance policies that help take care of the inadequacies of any co pays, deductibles or coinsurance gaps that original Medicare Plans A & B do not address.

It may sound a little confusing when you read or hear twonames mentioned, but Medicare Supplemental Insurance and Medigap Insurance arethe exact same thing. Both are optional insurance policies that help take careof the inadequacies of any co pays, deductibles or coinsurance gaps thatoriginal Medicare Plans A & B do not address. But when an annuitant ofMedicare starts looking for supplements they’ll be happy to know that onlygovernment approved companies can sell these policies. That’s a goodthing.  There are several importantthings to know about Medicare Supplemental Insurance before you start lookingfor a policy.

#1) You are required to have Medicare Parts A & B.

#2) You will have to pay a monthly premium to the insurancecompany you choose for your supplement.

#3) Your supplement or gap policy will only cover you, notyour spouse. He or she will need to get their own.

#4) You will be required to purchase a supplement policywith a state approved company that is also on the government approval list.

#5) Typical supplement/gap policies will not cover drugbenefits.

#6) You will be required to pay your Medicare Part B premiumunless your state Medicaid pays it for you. 

Since the insurance company approval list is a mile long, bewise in your choices and options. Costs will be different. In other words, itis beneficial to shop around and keep an eye out for the best dollar rate foryour desired coverage. Your computer is the best way to find which company hasthe plan best suited for you.  You can speakwith each company for important information or read the forms online. Anotheroption for you is to deal directly with the chosen company and not via anagent. On the other hand, if you desire, try tossing your shopping listinconveniences to one agent and let him or her do the work. They may be able tofind companies on the list you overlooked that can possibly provide yourmedical needs for a lower cost.  Foradditional help and to find answers to questions visit: www.medicare.gov. Theyalso provide updates on 2011 policy changes.

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