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What is Supplement Insurance?
Medicare Supplement plans, also known as Medigap, are individual insurance policies that pay for health care services and supplies that Original Medicare doesn’t cover. These include up to 20% of the cost for Medicare-covered services you’re responsible for anyway (because Medicare only covers about 80% of those) plus a whole host of things that Medicare doesn’t cover – at a time you may need it the most: When you find yourself facing an unexpected health crisis, like SeniorQuote’s founder, Bill Haynor.
It’s more than copayments, coinsurance, and deductibles.
A Medicare Supplement policy also helps you retain the flexibility to choose your physician or hospital since you are not restricted to a regional network; you just work with any provider that accepts Medicare billing. If you travel within the US, your coverage travels with you to provide financial security wherever life takes you.
Here’s how it works:
If you have Original Medicare and you buy a Medicare Supplement policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medicare Supplement policy pays all or most of your share.
It’s also wise to consider additional policies for things that even Medicare and Medicare Supplement policies won’t cover, for example dental and vision and final expense life insurance. Your SeniorQuote agent can walk you through some surprisingly affordable options for these coverages, too.
Long-Term financial protection
As you consider your choices for health insurance, keep in mind the major benefits of a Medicare Supplement policy:
- Lower out-of-pocket expenses should you need extensive medical services, making it probably one of the best ways to protect your wealth.
- Flexibility to see any doctor or facility that accepts Medicare.
- Portability within all 50 states – particularly beneficial for those who enjoy travelling throughout the country. Some plans cover emergency healthcare services abroad, too.
- Guaranteed renewable, and you are covered for as long as you pay your premium even if you develop serious health problems.
- Overall a less risky option over the long-term in case you encounter major medical needs.
- You must be enrolled in Medicare Part A and Part B to purchase a Medicare Supplement policy and you’ll be responsible for paying a monthly premium in addition to your Part B and Part D premiums. Cost is usually the only difference between Medicare Supplement policies sold by difference insurance companies so it’s important to compare policies with SeniorQuote for the best price possible.
- Insurance companies can sell you only a standardized Medicare Supplement policy identified by letters A through N and they must offer the same basic benefits, no matter which insurance company sells it. Another important reason to call SeniorQuote: We’ve partnered with over 30 carriers to help you find your best buy.
- A Medicare Supplement policy only covers one person, so spouses must buy separate policies. Let a SeniorQuote Licensed Agent help you and your spouse get the right policy for each of you.
A SeniorQuote Licensed Agent can help answer any questions you have about Medicare Supplement insurance. Our agents are specialists about the issues that matter the most to you. You’ll get easy to understand, unbiased information to simplify finding and selecting the right policy and have confidence that you’re making the smartest choice for you and your family.
What’s more, SeniorQuote is licensed in all 50 states, and has the unique ability to help you shop more than 30 insurance carriers, doing all the legwork to thoroughly compare them for you. One call to a SeniorQuote Licensed Agent can get you the coverage you need at the best price possible.
For an expert recommendation you can trust call SeniorQuote today or request a quote online.