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Medigap Insurance


Medigap Insurance Information

What is Medicare?

Medicare is a fee-for-service health care program for seniors, in which the government pays health care providers directly for services that fall under Parts A and B of Medicare benefits (see below). A Medicare Supplemental Plan, (also known as Medigap) supplements the coverage gaps and deductibles that Part A and Part B leave behind.

Medicare is divided into categories.

            Part A (hospital insurance): Covers hospital care, emergency services, medically necessary nursing home care, home health services and hospice.
            Part B (medical insurance): Covers medically necessary services and supplies used for diagnosing and treating medical conditions, and preventative services for illness prevention and/or early detection. Examples include ambulance services, mental health care, outpatient procedures and clinical research.
            Part D: Offers prescription drug coverage.

Original Medicare offers coverage for services and supplies that are considered to be medically necessary, such as doctor visits, lab tests and wheelchairs. However, if you are looking for more coverage than Original Medicare, you can purchase one of our Medicare supplement policies to fill in the coverage gaps and deductibles.

What is a Medicare Supplement policy?

Medicare supplement/Medigap, is a plan sold by private insurance companies to fill in the coverage gaps and deductibles that Original Medicare does not cover. For instance, if Medicare covers 80 percent of a doctor’s visit, Medicare supplement policies will cover the remaining 20 percent. With a Medicare supplement, there is little additional cost to you for health care beyond your premium.

Medicare supplement policies are standardized and regulated by law. This means that each company must offer the same plans (Parts A-N) with the only difference being the price. However, prices can vary widely between companies. We can help you weed through the options to find the right provider with the right price for you.

What should you know about a Medicare Supplement policy?

Medicare supplement policies are available to anyone enrolled in Part A and Part B (hospital and medical insurance) of Medicare. Open enrollment, a time frame in which you cannot be declined coverage, begins either when you first enroll in Part B or when you turn 65. This six-month window is the best time to purchase your Medicare supplement policy.

Your Medicare supplement premium will be an additional charge on top of your Medicare Part B premium (Part A is free), and in return you will receive more comprehensive coverage for your health care needs.

Why do you need a Medicare Supplement policy?

It is important to remember that Medicare does not completely cover your health care costs. A supplemental plan ensures a broader range of coverage so you do not have to pay out-of-pocket with each doctor visit. A low monthly premium will give you peace of mind as your need for health care grows.

Contact us today to learn more about Medicare supplement plans and what they can offer you. We will gladly answer any questions and help you select the plan that best meets your needs in Illinois, Indiana or Ohio. If you would like to speak to one of our insurance professionals please call our office at 815-432-5401 or email us your questions and an agent will reply promptly. 

 

Medicare has neither reviewed nor endorsed this information.

   
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