Medicare Supplement insurance, also known as Med-Supp or Medigap, was created by the federal government and is regulated by state Insurance Departments. It is offered by private insurance companies to cover some of the out-of-pocket costs not covered by Original Medicare.
Medicare Supplement insurance policies are purchased to help provide extra insurance coverage in addition to Medicare Part A (Hospital) and Part B (Medicare). Original Medicare covers some of the healthcare costs, but not all.
The cost of supplemental health insurance depends on what you are looking for: Although they may seem similar at first glance, these plans are very different. Before we give you the cost of supplemental health insurance, let’s review the differences between these two plans.
Supplemental health insurance which is sold by private health insurance companies, is an addition to existing healthcare coverage that’s designed specifically to help you meet your needs. It’s important to note that supplement plans are not Medicare plans.
Medicare Supplement plans, also known as Medigap, are designed to fill the coverage “gaps” in Original Medicare (Part A and Part B) benefits. Like Medicare’s “parts,” each plan offers different benefits and has a different premium amount. These plans may cover healthcare expenses that Medicare doesn’t pay for such as coinsurance and deductibles. But, Medigap plans do not cover dental, vision, or any other supplemental health insurance benefits.
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Speak with a licensed health insurance agent and compare Medicare Plans in your area.
You can compare Medicare plan options in your area.
