What is Medigap (Medicare Supplement Plan)?
Medicare Supplement Plans help fill the “gaps” of Medicare by paying for your out-of-pocket costs (Coinsurance, Copayments, Deductibles) for Medicare covered services.
Insurance companies can only sell you a “standardized” Medigap policy, identified in most states by specific letters (i.e. Plan F, G, N) (some states may vary). Every “standardized” Medigap policy must provide the SAME EXACT IDENTICAL benefits, respective to each specific letter, no matter which company provides the insurance.
Generally, the only difference between Medigap policies sold by different insurance companies is the premium cost. When comparing companies, it’s important to look at the company’s historical facts like rate increases, financial strength, years in business, and customer service.
By federal law, ANY doctor or hospital who accepts Medicare A&B (your primary coverage), MUST also accept ANY Medigap plan, regardless of which company or plan you have. Medigap plans themselves do NOT have networks like HMO/PPO network plans.
Medigap Plans are Guaranteed Renewable for life, as long as the premiums are paid on time.
Medigap Plan F is the most popular and most comprehensive Medigap plan because it covers your bills 100% and you have NO copays, NO deductibles, NO out-of-pocket expenses…all for an affordable premium!
Medicare & Medigap…How does it work?
Generally speaking, your Original Medicare A & B covers 80% of your medical bills from doctors/hospitals.
Your Medicare Supplement Plan (Medigap) will help cover the remaining out-of-pocket costs (i.e. 20% coinsurance, deductibles, copays and excess charges). Depending on the Medigap plan that you choose, the Medigap plan will cover ALL or SOME of these costs. (i.e. Plan F covers ALL costs)
Original Medicare A & B is still your primary insurance and Medigap is secondary which allows you the freedom to visit ANY doctor, specialist, hospital in the entire US that accepts Medicare and no referrals are needed. (NO networks…NO referrals…NATIONWIDE coverage)
Mangini Family Insurance will guide you in making the right choice for your Medicare Supplement Plan with a stable company at the lowest rate!