Medicare Supplement Insurance, also known as MediGap, is sold by private insurance companies to help pay for some of the medical care costs that Original Medicare does not cover; such as, copays, coinsurance, medically necessary emergency care when traveling outside of the USA, and deductibles.
It provides the freedom to go to any doctor or facilities; as long as they accept Original Medicare.
Medicare pays for its share of the Medicare Approved costs for the covered services. Then, your Medicare Supplement insurance will pay for its share.
Medicare Supplement is meant to supplement your Original Medicare benefits.
To be eligible for Medicare Supplement:
- You must have Original Medicare, both Parts A and B
- You pay the private insurance company a monthly premium for the Medicare Supplemental Plan.
- You have to enroll in a prescription drug plan (Part D), which also has a monthly premium.
Medicare Supplement does not cover eye glasses, vision or dental care, hearing aids, long-term care, or private duty nurse.
All Medicare Supplement Insurance companies have to follow the Federal and State laws. Insurance companies may sell you a basic benefit plan, which are identified by letters in the plans. There are Plans A, B, C, D, F, G, K, L, M, N. All plans offer the same basic benefits, but some offer additional coverage. You have to choose the plan that fits your needs.