Medicare Supplement Insurance
"Medigap" Supplemental Plans for Additional Health Coverage
Medicare Supplement Insurance in South Florida
More than 55 million Americans rely on Medicare for their health care coverage. This government-managed healthcare program is available to individuals ages 65 and over, as well as individuals with disabilities or End-Stage Renal Disease. If you’re eligible, it’s important to understand the various parts of Medicare coverage, what each offers, and which Medicare plan is right for you and your needs. Florida Healthcare Insurance is an award-winning agency in South Florida with knowledgeable agents who can help you navigate your options.
Original Medicare covers a large portion of covered healthcare services, but does not cover the entire cost of these services. Usually, the individual pays a deductible before Medicare pays its share. Original Medicare also does not cover prescription drugs, leaving many patients who are enrolled in Original Medicare with additional costs and healthcare bills to pay, even when they see in-network providers.
Medigap To Reduce Healthcare Costs
Medicare Supplement Insurance, also known as Medigap, covers the “gaps” in Medicare coverage to eliminate healthcare expenses like copayments, coinsurance, and deductibles. If you’re insured under Medicare Part A and Part B and are frustrated with having to cover part of the cost of your medical care — then Medigap would be an excellent option for you!
When compared to every other major medical plan in the U.S., Medigap comes in strong as the most comprehensive major medical plan. Medicare pays for only 80% of healthcare costs, and Medigap swoops in to cover the remaining 20%. This means patients won’t have co-pays for:
- Physical Therapy
- Occupational Therapy
- Chiropractic Care
- Tests, Labs, X-Rays, and other testing
With Medigap, there’s no yearly out-of-pocket limit for the health portion. For example, an individual with Medigap undergoing a rigorous treatment of chemotherapy will not be responsible for 20% co-insurance. Additionally, if you are an individual who needs monthly coverage for all of your prescriptions, there is an option to add a standalone drug plan to Medigap — Part D. Part D coverage is an excellent option as it is tailored to your individual health needs for the best possible coverage.
Will Medigap Restrict Me To A Provider Network?
There’s no network involved with Medigap coverage; you are able to see any doctor in the U.S. who accepts Original Medicare. Another benefit is your plan does not change from year to year, so there is no need to worry about changing doctors or paying more for healthcare in the coming years.
Applying For Medigap
For individuals who are not interested in Medigap coverage, there is another option — Medicare Advantage. Medicare Advantage, or MA-PD are considered bundled plans that combine Part A, Part B, and often Part D.
Medicare Advantage plans are “pay-as-you-go”, with monthly premiums as low as $0. However, and unlike Medigap, there are yearly out-of-pocket maximums for the health portions. The maximum will vary depending on whether the plan is an HMO or PPO. There are also co-pays for hospitals, physical and occupational therapy, chiropractic care, and testing. Additionally, and also unlike Medigap, plans can change from year to year.
So what’s the benefit to MA-PD? Easy — it’s an all-in-one option that provides more far-reaching coverage than Original Medicare.
Think Medicare Advantage may be a good option for you? We are experts in all aspects of Medicare. Give us a call today and we can help you determine what’s best for your health needs!
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