Founders Life and Health Blog
What is Medigap, also known as a Medicare Supplement?
Today we are going to be diving deep into Medigap and Medicare supplements, which are at the same thing.
So what is Medigap?
Medigap is a supplemental insurance policy that is designed to fill in the holes that are created by Medicare Parts A and Part B.
Medigap plans are sold by private insurance companies.
Medigap is not run by the government. It’s an additional policy that is run by a private insurance company that will help pay for the additional deductibles co-pays and co-insurance that are left open by your Parts A and B.
To understand why a Medigap or Medicare supplement policy could be really important, we have to talk a little bit about the holes that are left open by Medicare Parts A and Part B.
What are the pros to a Medigap or Medicare supplement policy?
Any doctor that works with Medicare, you will be able to see with a Medigap policy.
With that being said, that leads us right into what one of the cons of a Medigap policy could be. The time to enroll for a Medigap policy without underwriting is only when you are initially turning 65, OR if you are just taking Part B for the first time.
That means that if you are going to apply for a Medicare supplement policy, but you have already been on a Medicare Advantage policy, or just taken original Medicare Parts A and B, you will be subject to underwriting.
If you have some health issues, it is going to be harder for you to get that policy.
It’ll also be probably more expensive for you to get that policy than during the initial turning 65, or just enrolling for Part B.
An additional con is, if you were in a Medicare Advantage plan, where during the annual enrollment period you can kind of easily move back and forth between plans based on your needs, that’s not really the option with the Medicare supplement or Medigap plan.
Things to remember about Medigap:
Whatever you decide to do, make sure that you talk to a Medicare advisor about what the best options are for you and your lifestyle and your budget. Here at Founders Life & Health we work with Medigap plans and with Medicare Advantage plans. We’re happy to help you get pointed in the right direction based on your needs.
Our services are at completely no cost to you.
If you have any other questions, feel free to reach out anytime.
Also, check out our YouTube channel for a video on Medigap and many other topics.
About the AuthorHello! I’m Jo Hutchison and I’m the owner of Founders Life & Health. I’m a proud baseball mom, lover of live music and all things potato.. My husband and I have two great boys and two lazy hound dogs. My boys play a LOT of baseball so when I’m not helping my clients we can almost always be found on a baseball field somewhere in the Midwest.
I’m a member of NAIFA (National Association of Insurance and Financial Advisors) and a member of NAHU (National Association of Health Underwriters). I spend a good deal of my time working on educational outlets and working on healthcare policy change to help bring comprehensive and AFFORDABLE coverage to everyone. Nothing makes me happier than sharing the tidbits of knowledge that I know about the Medicare and health insurance world so people can make the most informed decisions about what plans they need.
The most important thing that I have learned through the years in this business is that each client has very different needs. Our goal is to listen to you, assess your needs, and use our experience and knowledge to help you make informed decisions about your health care coverage. We are an independent brokerage so we advocate for our clients, not the insurance companies.