MEDICARE SUPPLEMENT PLANS = Medigap Plans = MedSupps
Medicare Supplement Plans are also commonly referred to as Medigap plans. These plans are a tremendous help to Seniors by greatly reducing their out-of-pocket medical expenses.
MedSupp plans are sold by private insurance companies, but they have no discretion when it comes to coverage or payment amount. If Medicare covers “it”, then a MedSupp plan MUST also cover “it.” Moreover, Medicare tells the MedSupp carrier exactly what portion of the medical bill they must pay. They have no say in the matter – this is a great protection for Seniors!
Some of the other benefits of Medigap plans are:
- By law, Medigap plans are Standardized … a Plan G sold by Aetna is identical to a Plan G sold by Mutual of Omaha, etc. Also, Medigap plans do NOT change from year to year, only if Congress changes the law!
- The most common Medigap plans sold today cover nearly all the deductibles, copays, and coinsurance of Original Medicare, removing the risk of medical financial devastation. (not quite 100% of the costs – but close)
- If you have Original Medicare and a MedSupp Plan, there are NO NETWORKS, you can go to ANY Medicare Doctor or facility in the country.
- By law, Medicare doctors MUST accept ALL Medigap plans, not so with Medicare Advantage Plans.
- No Prior Authorizations are required – i.e. no insurance company gets between you and your doctor. If your doctor feels you need a Medicare covered service, then s/he does NOT need prior approval from any insurance company!
Of course, there’s a lot more to discuss, but this is a good synopsis. I would consider it a great privilege to help you sort through your Medicare options!