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A Medicare supplement is a type of health insurance sold by private insurers to cover the gaps in Medicare. This is why we refer to the plans as “Medigap Plans.”
Medicare supplement plans pay for the costs that normally Medicare would pass on to you like coinsurance, copayments, and deductibles. You must pay for these when accessing medically-approved services.
If you have a supplement policy, Medicare will first pay its share of your medical expenses. Then your policy will step in and pay its portion, typically the remainder of your bill. However, this can vary depending on which policy you choose from the standard offered plans.
Medicare Supplement Plan G has been gaining popularity in recent years. You agree to pay the Part B deductible each year, and after that, it pays everything else. The Part B deductible is $198 per year as of 2020 and quite often we can find Medicare Supplement Plan G premiums that save you more than $198/year. This means that you come out ahead in the long run.
Since Medigap plans are standardized across all carriers, you will know exactly which benefits you are purchasing. There are several factors which you will want to know about each insurance carrier before you choose your supplement though:
Rates – What is a Medicare supplement premium? It’s the monthly rate that you pay to the insurance company that provides your Medicare Supplement coverage? Find out what premium each insurance carrier will charge you. Are they offering a low premium? Is it competitive with other Medigap insurance companies in your area?
To get a personalized analysis of which Medigap insurance carrier offers the best pricing, financial rating and rate trend history. Request quotes below.
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