Medicare Supplements, often called Medigap, are health insurance plans designed to supplement the original Medicare program. Medicare supplements provide coverage for the gap between what you are charged for healthcare services and what Medicare pays for. Medigap Plans are government-approved plans that are provided by private health insurance providers. At Adler Insurance Inc., we are here to answer all your questions about Medicare Supplements in Prescott, AZ.
Most of our clients are confused about Medicare parts and plans. Which plans provide the most coverage, and which plans are the most cost effective? Medicare Part A covers the cost of being in the hospital after you pay the $1,260 deductible. Medicare Part B covers about 70% of your out-patient medical expenses. The Medicare Supplements (Medigaps) are designed to fill in the gaps by paying the $1,260 deductible and the other 30% of outpatient medical expenses Parts A and B do not cover.
There are many types of Medicare Supplemental coverages available called Plans F, G, K, L, M, and N. Plans F and G provide the most expensive Medigap coverage, while Plans K, L, M, and N have progressively more out-of-pocket expenses with lower monthly premiums. For most of us, it is easier to pay the monthly premium for supplemental coverage than it is to pay large medical bills while we are sick.
Eligibility for Medicare Supplemental coverage usually is not a problem. When you reach age 64½, you can apply for Medicare Supplemental Insurance without answering any medical questions. After you reach age 65½, you will need to answer a short list of medical questions.