Four Facts About Medicare Supplement Insurance
Fact One: Medicare Supplement Insurance Is the Same No Matter Who You Buy It For
Because the government intended for Medicare supplement insurance to cover gaps in Medicare coverage, they have created a comprehensive program of 12 plans that provide different levels of benefits. These are known as plans A through L and each company that sells gap insurance sells one or more of these standard plans. While there is a variation among the plans, the coverage will be the same no matter who you buy it from. In other words, plan A from Company X will have the same coverage as plan A from Company Y. Anyone who tries to steer you towards a plan by saying it offers unique benefits is misleading you intentionally.
Fact Two: The Cost of Medicare Supplement Insurance Is Different From Company to Company
In spite of the fact that the plans offered are the same, there are price differences in what each insurance company charges for each plan, so shop around carefully before committing to purchasing one. AARP is currently recommending their own supplemental insurance and that of Bankers Life as cost-effective options. Keep in mind that any one company is not required to sell all 12 plans, so an insurance agency may steer you towards one of the plans they offer while in reality a different plan that they don't offer may be preferable for your needs. For this reason it pays to investigate the plans independently of someone who is trying to sell you something.
Fact Three: By Law You Only Need One Medicare Supplement Policy
Medigap insurance is intended specifically to fix gaps in Medicare coverage, and the plans have been designed to present a variety of options to suit all of the needs possible in this area. For this reason, if, say, Plan D covers your needs, you can buy Plan D and you will have no need to purchase additional Medicare supplemental insurance. The government has made the practice of trying to sell additional Medigap insurance to people who already have a policy in place illegal.
Fact Four: Your Medicare Supplement Policy Covers You Alone
Unlike traditional insurance, which often provides coverage for spouses and in certain cases, other dependent family members, Medicare supplement policies are for individuals only. If you and your spouse both need additional coverage, you will have to pay for separate policies for each of you. Don't purchase a policy under the mistaken belief that it will cover your husband or wife too.
Published by Nancy Lichtenstein
Nancy Lichtenstein is a freelance writer and journalist, a mom, a fashionista, and frequently can be found backstage at rock concerts in her spare time. She has written for Woman's Day, CNN, USA Today, the... View profile
- New Mexico Medicare Supplemental Insurance InformationMedicare Supplemental Insurance, commonly referred to as MediGap, is an insurance program that helps to cover medical services that Medicare fails to cover completely like extended home care, prescriptions, and extend...
- Hawaii Medicare Supplemental Insurance InformationMedicare Supplemental Insurance, commonly referred to as MediGap, is an insurance program that helps to cover medical services that Medicare fails to cover completely like extended home care, prescriptions, and extend...
- South Dakota Medicare Supplemental Insurance InformationMedicare Supplemental Insurance, commonly referred to as MediGap, is an insurance program that helps to cover medical services that Medicare fails to cover completely like extended home care, prescriptions, and extend...
- Nevade Medicare Supplemental Insurance InformationMedicare Supplemental Insurance, commonly referred to as MediGap, is an insurance program that helps to cover medical services that Medicare fails to cover completely like extended home care, prescriptions, and extend...
- Oklahoma Medicare Supplemental Insurance InformationMedicare Supplemental Insurance, commonly referred to as MediGap, is an insurance program that helps to cover medical services that Medicare fails to cover completely like extended home care, prescriptions, and extend...
- Wyoming Medicare Supplemental Insurance Coverage Information
- California Medicare Supplemental Insurance Information
- Arizona Medicare Supplemental Insurance Information
- Oregon Medicare Supplemental Insurance Coverage Information
- Washington Medicare Supplemental Insurance Coverage Information
- Montana Medicare Supplemental Insurance Coverage Information
- Idaho Medicare Supplemental Insurance Coverage Information