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Medicare Supplement Plan

💬 What does Medicare Supplement Plan cover and how much does it cost?

Medicare Supplement Plan
Updated:
March 16, 2021

Medigap is Medicare Supplement Insurance, which is sold by private entities and helps fill "gaps" in Original Medicare. Initial Medicare covers a significant part of the cost of eligible health care facilities and equipment, but not all of them. A Medicare Replacement Insurance (Medigap) program may assist with some of the remaining medical expenses, such as: Copayments, Coinsurance & Deductibles.Some Medigap programs often include facilities not provided by Original Medicare, such as medical treatment while traveling outside the United States. Here's what happens if you have Original Medicare and purchase a Medigap policy: For covered health-care costs, Medicare would pay its share of the Medicare-approved total. After that, the Medigap strategy kicks in.

Medicare Supplement Plan

Questions & Answers

Question:
What's the important factor in buying Medigap coverage?
Answer:
Timing is probably one of the most important factors. You are enrolled in Part A and Part B and have a six-month Medigap open enrollment period that begins the month of your 65th birthday.
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Question:
I have a Medicare Advantage plan. Do I still need Medigap insurance?
Answer:
You cannot purchase a Medicare Replacement Insurance or Medigap plan if you have a Medicare Advantage plan.
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Question:
Is Medigap and Medicare Supplemental Insurance the same thing?
Answer:
Yeah, indeed. The terms Medigap and Medicare Supplemental Insurance are interchangeable.
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