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Medicare Supplement – Medigap

Medicare Supplement insurance is also known as Medigap. Medicare Supplement insurance helps cover gaps in your coverage that Part A and Part B of Original Medicare do not cover. You need Medicare Part A and Part B to even consider supplemental coverage. If you’re interested in getting started, our agents are here to help you sort through your options.

What Does Medicare Supplement Insurance Cover?

A Medicare Supplement policy helps cover copayments, coinsurance and deductibles not covered by an Original Medicare policy, which includes Part A and Part B coverage. If you’re looking to get started with Medicare Supplement, consider the following:

  1. You must have Medicare Part A and Part B.
  2. A Medicare Supplement policy differs from a Medicare Advantage Plan, also known as Part C. Those plans are ways to get Medicare benefits. In contrast, a Medicare Supplement policy only supplements your Original Medicare benefits.
  3. You pay the private insurance company a monthly premium for your Medicare Supplement policy and the monthly Part B premium that you pay to Medicare.
  4. A Medicare Supplement policy only covers one person. If you and your spouse want Medicare Supplement coverage, you’ll have to buy separate policies.
  5. You can buy a Medicare Supplement policy from any insurance company in your state that is licensed to sell.
  6. Any standardized Medicare Supplement policy is guaranteed renewable even if you have health problems. The insurance company can’t cancel your Medicare Supplement policy if you pay the premium.
  7. Some Medicare Supplement policies sold in the past cover prescription drugs. But Medicare Supplement policies sold after January 1, 2006, aren’t allowed to include prescription drug coverage. You can join a Medicare Prescription Drug Plan (Part D) if you want prescription drug coverage. You may need to make two separate premium payments if you buy Medicare Supplement and a Medicare drug plan from the same company. Contact the company to find out how to pay your premiums.
  8. It’s illegal for anyone to sell you a Medicare Supplement policy if you have a Medicare Advantage Plan—unless you’re switching to Original Medicare.

How to Get Medicare Supplement Coverage

Whether or not you will reap the benefits of Medicare Supplement is based on your unique needs. Contact The Resource Insurance Group today for more information or to get started with coverage.