Supplemental Health
Supplemental health insurance is an insurance policy offered to cover the gaps that are left open by Medicare. These gaps can include additional expenses such deductibles, co-insurance, or hospitalization. Seniors on Medicare benefit greatly from a supplemental policy, especially those with a pre-existing medical condition. For Medicare applicants, there is a supplemental health policy known as Medigap.
Medigap is health insurance sold by a variety of private insurance companies. It helps pay for some of the healthcare costs that original Medicare doesn’t cover. Having both Medigap and Medicare plans will reduce the amount of healthcare expenses you will pay.
Insurance companies can sell you a ‘standardized’ Medigap policy, which have specific benefits, allowing you to look, compare, and pick which plan would best work for you. There are 11 standardized Medigap policies (Plan A, B, C, D, F, F+, G, K, L, M, N), that seniors can chose from that offer basic as well as detailed additional benefits per plan. Each Medigap plan’s premium vary because the more benefits you receive, the higher the cost. The premium for Medigap is paid directly to the insurance company. One important condition for Medigap is that you must have Medicare Part A and Part B. Also, policies must be purchased separately if both you and your spouse are in need of supplemental insurance.
To ease any uncertainty you may experience from picking which Medigap policy that you should acquire, ABC Healthcare Plans’ professional and knowledgeable agents will gladly help educate residents living in Madison, Cook, Sangamon, Kane, Morgan, and other counties in Illinois on the options available to you, so you can compare Medicare supplement plans.