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What is a Medicare Supplement and how does it work

This month I’d like to talk about Medicare Supplements.  For those of you who are new to Medicare you were probably told about the different Medicare Supplements or Medigap, as it’s also called, available for you to purchase.  As if Medicare isn’t confusing enough now there are all these different plans available to enhance it. My goal by the end of this month’s blog is to make is less confusing.

So, what is a Medicare Supplement?  Simply put, it is a plan that helps covers healthcare costs Medicare does not, such as deductibles, copays, coinsurance, excess benefits, and emergency care outside of the U.S. 

While original Medicare is provided by the federal government, supplements are offered through private insurance companies.  They are standardized plans identified by letters, which means no matter which company is selling the plan, the plans with the same letter must have the identical coverage, the only difference will be premium.  The policies are guaranteed renewable and cannot be cancelled, as long as the premiums are paid.  Your coverage begins immediately, and there is no waiting period for pre-existing conditions. 

This, of course, is the short and sweet version of what a Medicare Supplement is.  I will get a little more in depth and answer some frequently asked questions in the upcoming weeks.



-Nancy Zimbardi