"Medigap" plans, also known as Medicare Supplement plans, are private insurance plans that help fill the "gaps" in original Medicare coverage. Original Medicare (Part A and Part B) covers many healthcare services and supplies, but there are some out-of-pocket costs that it doesn't pay for, such as copayments, coinsurance, and deductibles.
Medigap plans are designed to help cover some or all of these costs. They are standardized and offered by private insurance companies, and they only work with original Medicare. Each Medigap plan is identified by a letter (such as Plan A, Plan B, Plan C, etc.), and each letter corresponds to a specific set of benefits.
Some of the benefits that Medigap plans might cover include:
- Part A hospital coinsurance
- Part B coinsurance or copayment
- First three pints of blood needed for a blood transfusion
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B deductible
- Part B excess charges
- Foreign travel emergency care
It's important to note that Medigap plans do not cover prescription drugs (that is covered by a separate plan, known as Medicare Part D), long-term care, vision or dental care, hearing aids, or private-duty nursing.
If you are enrolled in both original Medicare and a Medigap plan, Medicare will pay its portion of the approved amount for covered healthcare services, and your Medigap plan will pay its portion. You typically pay a monthly premium for a Medigap plan in addition to your premium for original Medicare.
Call me with questions: 877-480-4325
info@mminsuranceagency.com
www.MMinsuranceAgency.com
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