What is Medigap? A Medigap plan is also known as a Medicare Supplement or Med Supp. It is an insurance policy offered by private companies that have been approved by Medicare. A Medicare Supplement will help cover the costs that Medicare doesn’t pay for. It gives you peace of mind knowing that you won’t have any unexpected Medical bills.
As you know Medicare is not designed to pay for everything. People have the options of either paying out-of-pocket (no caps on costs) or choosing a Medicare Supplement to go hand in hand with Original Medicare. You’ll see here on the screen what some of those costs that are paid are:
What is Medigap? It’s a plan designed to help take care of the costs Medicare doesn’t cover. It is a stable monthly premium. People choose the premium & deductible that they want. Medicare protects consumers by making the various Medicare Supplements standardized.
What that means is that each and every Plan G (as example) on the market is exact same as every other Plan G. The exception is the price and the company that you choose. Same as Plan F; every single Plan F is the exact same as another Plan F. The prices range drastically between companies. It could range $300, $400, $500 a year or $1000 a year more depending on the company that you choose.
That’s how we regularly help people save money $500 a year … $400/$800 a year without changing benefits. Check out the full article here.
What is Medigap? How does it work? The process becomes automatic with a Medigap or Medicare Supplement. First, the bill goes to Medicare. They take care of their portion and then it goes directly to the Supplement Company. So you don’t even see a bill. The two most popular plans have either a zero deductible or $183 annual Part B (doctor) deductible.
As of the time of this video Plan F & Plan G are the most popular plans. So other than your premium, you don’t see a bill. You can choose the small annual deductible and save a money or the no deductible…. it’s up to you. We’re going to talk more in detail in another article /video about the two most popular Medicare Supplements Plan F and Plan G (2017)
There’s no networks or co-pays on Medigap Plan F or Plan G. The only question to ask your doctor is IF they take Medicare. That’s it! You have the freedom to choose your doctor, your hospital. You can even go to Mayo Clinic or MD Anderson if you choose. There is no restriction on the specialty hospitals.
There’s no precertification with a Medicare Supplement or Medigap. There’s nobody behind the scenes saying “Yes you can have this procedure and no you can’t.” As long as its a Medicare Approved / normal procedure, there’s no nobody that says that you can’t have it. This is Medicare so these companies follow right behind Medicare and pay out their portion directly to the company or the doctor. You never see a bill. You just have your stable monthly premium that you pay every month & the deductible that YOU choose.
Thank you for checking out What is a Medicare Supplement or Medigap. If you have any questions feel free to call us. If you are like most folks and have Medicare confusion check out our 6-Part Medicare mini course. www.GetMedicareSavings.com.