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Medicare Supplement (Medi-Gap)
What is a Medicare Supplement?
Medicare Supplemental Insurance or Medi-Gap is a private health insurance policy that is designed to supplement Original Medicare (Part A and Part B). This means it helps pay some of the health care costs, or “gaps” that Original Medicare doesn’t cover (like copayments, coinsurance and deductibles). Every Medigap policy must follow federal and state laws designed to protect you.
Medicare Supplement policies generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.
Are all Medicare Supplements the same?
Medicare Supplemental Plans are standardized by the Federal Government. No matter which company you purchase your Arkansas Medicare Supplemental plan from the core Medicare benefits will be exactly the same. Some Arkansas Medicare Supplemental companies will offer additional benefits such as discount programs for Vision and gym membership.
There are 10 modernized plans labeled A through N that pay for part, or all, of Medicare’s co-payments and deductibles, with Plan F being the most comprehensive. Effective January 2020 Plan C and F will only be available to Medicare beneficiaries that were eligible for Medicare prior to January 2020.
Some may also cover other health care costs that Medicare does not pay for, such as foreign travel emergency medical care.
Does a supplement include Prescription drug coverage?
No! Supplement plans do not include prescription drug coverage. If you do not have credible Prescription Drug coverage you will need to enroll in a Medicare prescription drug plan (part D) or you will have to pay a penalty when you finally enroll. Our local Arkansas agents can help you find the prescription plan that fits your needs and wallet!
Do I have to stay in network?
No! It doesn’t matter which insurance company you have your supplement plan though… you can simply use any doctor or hospital anywhere in the country that accepts Original Medicare. It does not matter what company or plan you have as your supplement, your network is exactly the same!
Medicare predesigned 10 different Medicare Supplement plans that they allow insurance companies to sell. Each of these pre-designed plans in named with a letter such as Plan G or Plan N. This means that the coverage provided by a supplemental plan, such as Plan G, is always exactly the same no matter which company you choose. Simply put, it doesn’t matter which insurance company you get your coverage though, Plan G is always Plan G and Plan N is always Plan N.
Do I need a referral?
No! Medicare supplement plans do not require a referral to see a specialist. You have the choice to see any specialist in the country who accepts Medicare regardless of which insurance company you have your coverage through.
Why do supplements cost different amounts if they are all the same?
When you start shopping for an Arkansas Medicare Supplement plan the first thing you will notice is that insurance companies will charge wildly different prices for the exact same coverage. In the same way that stores such as Walmart or Target will charge different prices for the exact same can of Campbell’s chicken noodle soup… insurance companies will charge different prices for the exact same Plan N or Plan G coverage.
The premiums that companies charge for new applicants are based on your age, sex, tobacco use, zip code, and other discounts. It is important to get a rate comparison of all the top companies in your area in order to find the best deal available on your new supplemental coverage, especially since each insurance company is providing the same benefits.
Can a supplement plan cancel me?
Once you have a Medicare supplement plan, your insurance company can never cancel coverage due to health conditions as long as you pay your plan premiums.