Do Medigap Plans Have Any Disadvantages? Approximately 30% of people in Original Medicare have Medicare supplements. Many people look at the cost and wonder if Medicare supplement insurance is really worth it? In this MedicareWire article, we’ll explore the disadvantages of Medigap plans and explain the five factors you need to consider to determine if […]
Supplemental Insurance for Original Medicare
Medicare Supplements are additional insurance policies that Medicare beneficiaries can purchase to cover the gaps in their Original Medicare (Medicare Part A and Medicare Part B) health insurance coverage. Dubbed Medigap by the federal Medicare program, these policies help pay some of the deductibles, copayments, and coinsurance shared costs that are built into Medicare.
In all but three states, Medicare supplements are standardized into 10 lettered Medigap plans (A, B, C, D, F, G, K, L, M, and N). Each lettered plan, regardless of which insurance carrier offers it, has the exact same benefits. So if you buy a Plan F policy from AARP, for example, it will have all of the same features, benefits, and coverages as a Plan F policy from Aetna, Blue Cross Blue Shield, etc.
The only difference Medicare supplement insurance companies can make to their policies is the monthly premium, how they calculate the monthly premium, and the premium increases.
Also, because supplemental Medicare insurance is not health insurance (it is a form of indemnity insurance), insurance carriers are not obligated to sell a policy. The only obligation to sell a policy is when a Medicare beneficiary has a guaranteed issue right, which, for most people, only happens when they turn age 65.
Medicare’s Maximum Out-of-Pocket Limit is a Serious Liability Depending on the coverage selections you’ve made, your Medicare benefits may have low out-of-pocket costs, high out-of-pocket costs, or even unlimited out-of-pocket expenses. In this MedicareWire article, we’ll dissect your liability and how to get more coverage if you need it. Key Takeaways Original Medicare has no out-of-pocket limits. The 20-percent […]
Once You Understand Three Fundamental Differences, Your Choice Will Be Easy. There are many differences between Medicare supplement insurance (Medigap) and Medicare Advantage plans. However, we can sum up Medicare Advantage vs. Medigap in three easy points: Medicare supplements fill the gaps in Original Medicare, whereas a Medicare Advantage plan completely replaces Original Medicare coverage. With Original Medicare and a supplement, you pay most […]
Most doctors in the USA participate in the Medicare program in one form or another. It’s a very small percentage that doesn’t. However, not all doctors participate in the same way, and this often leads to Medicare Part B Excess Charges. Medicare Part B is the portion of Original Medicare that covers medical services from […]
If you are getting your Medicare benefits for the first time, the jargon may sound foreign, but you don’t need Medicare for Dummies to figure it out. Once you learn the ABCs and D of Medicare, you’ll be well on your way. In this MedicareWire blog post, we’ll break down the four main parts of Medicare and answer these top questions […]
Here are the five top reasons that it’s better to have a Medicare Advantage plan: Up-front costs (monthly premium) are generally lower. You may have more doctor choices in Medicare Advantage. Plans are required to take you regardless of your health condition. If you have both Medicare and Medicaid you may be able to get […]
A Review of Medicare Advantage vs. Original Medicare and Medigap One of the most common questions we get here at MedicareWire is, “are Medicare Advantage plans bad?” In this article, we will explore this exceptionally important question by contrasting Medicare Advantage plans vs. Original Medicare and Medigap. Key Takeaways Medicare Advantage is not the best […]
Medicare is the government medical insurance plan for older Americans and people with certain disabilities. As of 2020, more than 61-million Americans rely on Medicare for their primary health insurance needs. By the year 2032, this number will swell to over 80-million people. In this MedicareWire.com article, we’ll explain when Medicare starts for most people […]
While shopping for Medicare health insurance, most people want to know “What is the big difference between Medicare supplements and Medicare advantage plans?” Medicare supplements and Medicare Advantage are very different health insurance products, but they both attempt to protect you from the high cost of a chronic illness or being hospitalized. Unfortunately, it’s very difficult to compare Medicare supplements, also known […]
One of the top benefits of most Medicare Advantage plans is they bundle in prescription drug coverage. We get a lot of questions from readers wanting to know if they can get prescription drug coverage bundled with Medicare supplement insurance. The short answer is no. You can get prescription drug coverage through Medicare in one […]
There are four different parts to the Medicare program. From its inception in 1965, it has been a government-run health insurance program for seniors aged 65 and people with disabilities and medical conditions. But, did you know it isn’t all-inclusive care? That’s where Medicare Plan G comes in. Let’s start with a quick review of what Medicare covers and its four Parts […]
The federal Medicare program is a series of lettered (A, B, C, and D) medical insurance plans available to people, age 65 and older, and certain adults with qualifying disabilities. Medicare Part A and B are provided directly by the government, whereas Parts C and D are provided through private insurance companies authorized to sell […]
If you’re approaching retirement, you may ask yourself, “When does Medicare start?” This article will help you understand when your Medicare benefits will begin. Initial Enrollment Period (IEP) Everyone turning age 65, or getting Medicare benefits due to their Social Security disability status, gets an Initial Enrollment Period (IEP). How long it takes for Medicare […]
Medicare supplement insurance premiums continue to increase. The increases have a lot to do with changes brought about by the Affordable Care Act (aka, Obama) and how these changes affect reimbursements to health care providers. As a result, a lot of seniors are asking about low-cost Medicare supplement plans. But, do these plans actually help […]
Here at MedicareWire, we are not insurance agents. We do not sell Medicare supplement plans or any other type of insurance. We are educators and senior advocates. Our job is to make sure that seniors and their caretakers have the information they need to make the best decisions possible related to their Medicare health insurance. […]