Medicare, the U.S. government-provided health insurance for seniors, is designed to cover 80% of the insured’s healthcare expenses. For the retiree, that remaining 20%, including deductibles, coinsurance, copays, and other out-of-pocket expenses, can quickly add up and put a strain on what might be a fixed income. Medicare Supplement insurance, offered by private insurers like SGIC, can help ease the burden of some of those healthcare costs.
Medicare Supplement insurance, also known as Medigap, complements an individual’s Medicare coverage, and works when you need it most, whether you need help covering high deductibles, prescriptions, or have a family history of critical illness.
Before signing up for a Medicare Supplement plan, you will want to consider the following:
- What medical expenses do you pay for now that Medicare does not cover? Figure this out by adding up your deductibles, coinsurance, and copayments.
- Are you in good health? Has your health status changed recently? Do you feel you may need more medical care now than previously?
- How often do you expect to see a doctor? Do you need coverage that may include durable medical equipment, or do you think you may spend time in a hospital or skilled nursing facility?
- Would any of the Medicare Supplement plans currently be beneficial to you?
- Is the cost of a Medicare Supplement plan lower than what you would anticipate paying for out-of-pocket if you did not have a supplemental plan?
Keep in mind that Medicare Supplement plans are not standalone health insurance policies—they work with your current Medicare policy and are standardized to cover the same Medicare-approved services across insurers. Individuals can choose their insurance provider, such as SGIC, based on service and price because they know for, example, Medicare Supplement Plan F is the same plan whether SGIC sells it or Aetna sells it. Individuals are not restricted to a specific network either and can continue to see the same doctors and specialists they always have.
SGIC offers Medicare Supplement Plan A, which provides basic benefits including coverage for hospice care and Medicare Part B coinsurance, and Plans B (in some states as required by law), F, G, and N. These plans offer more comprehensive coverage, such as Medicare Part B excess charges and deductibles, skilled nursing facility coinsurance, and foreign travel emergency expenses. Premiums vary depending on the amount of coverage provided by the specific plan, as well as by age and where you live.
The best time to enroll in a Medicare Supplement insurance policy is during your initial open enrollment period, which starts the month you turn 65 and enroll in Medicare Part B Medical Insurance.
Supplemental health insurance plans can give you and your family peace of mind knowing that you are covered for your particular health and financial needs and do not have to go into debt paying out-of-pocket for healthcare expenses not covered by Medicare. If you would like to learn more about how SGIC can assist you with choosing your Medicare Supplement insurance and save you money, please call our Medicare Supplement Insurance Customer Service Center today at (833) 552-0828 for more information.
(Click here for more information on Medicare and Medigap. SGIC is not connected with or endorsed by the U.S. Government or the Federal Medicare Program.)