Medicare Supplement Insurance

What does Medicare Supplement, or Medigap, mean?

Medicare Supplement Insurance, also known as Medigap, is private health insurance that adds on to the Original Medicare (Part A and B). It helps pay about 20% of the Medicare expenses that the Original Medicare doesn’t cover.

What does Medicare Supplement Insurance cover?

Medicare Supplement Insurance helps cover some costs not paid by Original Medicare Part A and B. These plans help pay copays, coinsurance, and deductibles for your Part A (hospital care) and Part B (medical care), as well as additional out-of-pocket costs for things like hospitalization, doctor’s services, home health care, lab costs, durable medical equipment, and more. Medicare will pay its share of the Medicare-approved amount for covered health costs. Then, your Medicare Supplement Insurance plan will pay its share of the costs it covers.

There are a wide range of Medicare Supplement plans that differ in coverage and costs, from basic to comprehensive.

Medicare Supplement policies do not include prescription drug coverage or dental coverage. But you can buy those plans separately. James Beach Insurance Agency offers both prescription and dental plans, many with low-cost monthly premiums. Medicare Supplement Insurance works with Original Medicare Parts A and B. If you choose to buy a standalone Part D Prescription Drug plan, Medicare Supplement works with that, too. Medicare Supplement Insurance is different from Medicare Advantage. You can have either a Medicare Advantage Plan or a Medicare Supplement Plan, but not both at the same time.

If you’d like to know whether you qualify to apply for this insurance package or would like to inquire further, please contact us for more information.