Decoding the difference between the two.

Most clients often hear the terms "Medicare Supplement" and "Medigap." We'll help explain why below.
So what is the difference between these two plans?
It may be to your surprise but the difference between the two is that there is actually no difference at all! They two terms mean the exact same thing. They are both provided by private insurance companies to help pay the out of pocket cost that original Medicare does not cover. One of the benefits of these plans is they typically cover the 20% that Medicare does not.
To enroll into a Medicare Supplement you have to be already enrolled into Part A and Part B of original Medicare.
Your Medicare Supplement Options:
If you're deciding to take advantage of joining a Medicare Supplement plan it is pretty tightly regulated for most states that all private insurance to offer the same benefits for these plans. So, if company A offers a Plan G and company B offers a Plan G they're going to provide the exact same benefits. The only difference would be the price the company decides to charge its clients.
Your Medicare Supplement Prices:
Due to the fact that all the lettered plans offer the same benefits, Most seniors would not think about the prices being different elsewhere. Also, every year your payment may go up. The companies also raise their rates for you based on their own business. So for instance Company A could go from $140 to $160 and you would think it was normal because you know it is supposed to go up. However, Company B also has $140 premium a month but only goes up to $142! Always have your agent compare different prices for you so you're getting the best deal.
Can I lose my Medicare Supplement ever?
"What if my health gets bad can I lose my coverage." No matter what health problems that you might incur if you pay your monthly premiums you will not lose your coverage. When health issues start to stack up over time Medicare Supplement plans can save seniors thousands and thousands of dollars on hospital bills. These plans might be a little more money than an Advantage Plan, but provides much more peace of mind financially down the road if your health takes a turn for the worst. So, pay your premiums every month and you'll always be covered!
If you would like to talk to one of our Medicare Specialist gives us a call at:
(918) 809-4661. We will go over these plans and all other plans that you are qualified to enroll into as well such as Dental, Vision, and Hearing Plans and Prescription Drug Plans (PDP).
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