Real Senior Management
Medicare Supplement plans, or Medigap, helps fill in the gaps left in Original Medicare coverage.
Now, Original Medicare can provide much-needed coverage, but it doesn’t cover everything. With a Medicare Supplement plan, your clients can get out-of-pocket costs covered, such as coinsurance, copayments, deductibles, and more.
As an agent, your job is to help your clients understand the benefits of these plans while enrolled in Original Medicare, and help them determine if one of these supplements is right for them and their coverage needs.
More Information On Medigap Policies
The supplement plans will work as added coverage to provide additional services that Original Medicare doesn’t cover. Medicare pays its share of the approved amount for health care coverage costs, then Medigap takes care of the rest.
As an agent, here are a few things you need to bring awareness to for your client:
• A Medigap policy is entirely different from a Medicare Advantage Plan. Medicare Advantage is seen as more of an alternative to Original Medicare, while a Medigap policy adds to your Original Medicare benefits
• You have to pay a monthly premium to the provider (private insurance company) for your Medigap policy
• This monthly premium is an addition to the monthly Part B premium you have to pay to Medicare
• A Medigap policy is only for one person. For example: If you and your partner both want Medigap coverage, you will have to buy two separate policies
• You can only get a Medigap policy if you’re already enrolled in Original Medicare
• Any Medigap policy is guaranteed to be renewable
• Medigap doesn’t include prescription drug coverage. Therefore, if you need prescription drug coverage, you can sign up for a Medicare Prescription Drug Plan (Part D)
• There are ten Medigap plans available: A, B, C, D, F, G, K, L, M, and N
• Each supplement has a varying level of coverage