Medicare Supplement Plans
Medicare Supplement Plans, also known as Medigap, offer coverage for the out-of-pocket costs that are not covered by Original Medicare such as deductibles and copayments.
With a supplement plan, Medicare will cover its portion of the charges first, then your Medicare supplement benefits will cover the remaining allowed expenses. To qualify for a supplement, you must first be enrolled in Medicare Part A and B.
There are 10 Medicare Supplement plans: A, B, C, D, F, G, K, L, M, and N. Each offers its own type of coverage, so consider Medigap as an additional benefit that helps you save significantly.
You do not qualify for a Medicare Supplement plan if you already have Medicaid or a Medicare Advantage Plan.
Benefits of Medicare Supplement Plans
Although all Supplement plans offer different coverage and benefits, there are certain benefits that are common to all of them. These benefits include:
- Coinsurance costs of Medicare Part A
- Hospice care coinsurance and copayments of Medicare Part A
- Coinsurance or copayments of Medicare Part B
- First three pints of blood used for transfusions
In addition to these main benefits, you can elect to add more benefits to your Medicare plan, which could increase the cost. But you will still be able to save a considerable amount of money as you won’t have to cover these costs out-of-pocket like you would with just Original Medicare coverage.
Read our blog, 3 Reasons to Review Your Medicare Supplement Plan to learn about the main reasons to review your plan annually during your birthday month and during the annual enrollment period.
It’s a great idea to review your needs and budget with a Bancorp Insurance Agent who can help you select the right plan with the benefits you desire and possible find one that can save you money. There are many options available in various counties and states. Don’t go about choosing blindly, you will be stuck with that plan for an entire year. We can help you make an informed decision.
Appointments are available at no charge or obligation to enroll, click the link below to request a virtual, in-person or telephone appointment or give us a call at (800) 452-6826.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area.
Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.