MEDICARE SUPPLEMENTS
A Medicare Supplement is designed to cover expenses not covered by Medicare Part A or B. These policies fill expensive gaps left by Medicare.
Medicare Supplements in Rock Hill, Greenville & Throughout the Carolinas
Americans who are 65 or older are eligible to receive Medicare benefits. Sometimes, these benefits are not enough to fully cover all of your health needs. When you find that your Medicare Part A and Medicare Part B insurance coverages are not enough, it’s time to look into Medicare supplemental insurance, also called Medigap coverage.
What are Medicare Supplements?
As the name suggests, Medicare supplements are insurance policies that supplement traditional Medicare A and B coverages. Medicare A covers 80 percent of hospitalization costs, and Medicare B covers outpatient procedures, visits, and prescriptions. Medicare supplemental insurance can cover the remaining costs of things that are not covered by Medicare A or B, such as copayments and deductibles. Some Medicare supplemental policies cover additional expenses, such as paying for a skilled nursing facility or covering emergency foreign travel expenses.
Navigating Medicare can be complicated and confusing, especially when policy requirements change. Make sure you work with a Medicare supplement provider to ensure that you get the supplemental coverage you need and that you don’t pay for supplemental insurance that won’t benefit you.
Why Do You Need Medicare Supplements?
Many retirees find that they need Medicare supplements to cover the costs of their medical expenses fully. You are not required to get Medicare supplemental insurance; however, you may find that you have lower premiums and end up paying less out of pocket for your medical expenses with supplemental insurance than you would without it.
Types of Medicare Supplements
Medicare supplemental insurance plans are named from A – N and offer different benefits. Talk to one of CIIG’s expert insurance advisors to figure out which plan(s) will benefit you the most. Note that in order to purchase any Medicare supplemental plans, you must already have Medicare A and Medicare B.
This is the most basic supplemental plan, and it covers the 20 percent that Medicare doesn’t pay for outpatient treatments.
MEDIAGAP PLAN A
This plan covers the same thing as Plan A, along with the Medicare Part A hospital deductible. It pays this deductible after Medicare pays its portion.
MEDIAGAP PLAN B
This comprehensive plan is very popular because it covers everything except for any excess Medicare charges. It pays both of your deductibles along with the 20 percent that Medicare A doesn’t cover for outpatient services.
MEDIAGAP PLAN C
This is one of the least popular Medicare supplement plans. It covers most medical expenses but doesn’t pay your Medicare part B deductible or any excess charges.
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This plan has historically been the most popular because it covers all of your expenses, leaving you with zero out-of-pocket costs for covered services, including copays and hospital stays. Unfortunately, it is no longer available for new Medicare enrollment.
MEDIAGAP PLAN D
This offers long-term life insurance without accumulating cash value. You can adjust your premiums and benefits as you go, making this a flexible long-term option.
MEDIAGAP PLAN F
With lower premiums than whole life insurance, guaranteed universal coverage is a long-term life insurance option that does not build cash value over time.
MEDIAGAP PLAN G
This offers long-term life insurance without accumulating cash value. You can adjust your premiums and benefits as you go, making this a flexible long-term option.
MEDIAGAP PLAN K, L and M
With lower premiums than whole life insurance, guaranteed universal coverage is a long-term life insurance option that does not build cash value over time.
MEDIAGAP PLAN N
FAQ About Medicare Supplements
Which Medicare supplement plan is best for me?
Which Medicare supplement plan will benefit you the most will depend on several factors. One of CIIG’s knowledgeable advisors can help you make this important decision.
Who is eligible for Medicare supplement insurance?
Anyone who is 65 or older and already has Medicare Part A and Medicare Part B is eligible for supplemental insurance. If you do not already have Medicare Parts A and B, then you will not be able to receive Medicare supplemental insurance from any insurer.
How do I pay for Medicare supplemental insurance?
Many employers offer life insurance as part of their benefits packages, which is great for employees. However, these policies often leave gaps and do not provide the full coverage that an individual policy can for your survivors. Plus, the life insurance coverage often goes away once you are no longer employed at that company.
Give your family financial security after your passing with a life insurance policy. Talk to one of our advisors today to see what type of life insurance coverage will work best for you.