Medicare Supplemental Insurance is a private health plan option designed to provide added benefits in addition to those offered through Medicare Part A or Part B. This type of insurance is also referred to as Medigap insurance. The available Medigap options were constructed by the Federal Government to provide additional health care coverage where it is most needed. When searching for Medicare insurance options you will only have 12 options to choose from, some non-Medicare plans have over 100 options to choose from. You are not under any obligation to purchase a supplemental insurance plan, however, failure to do so could cause problems later if you simply change your mind or if you have an unexpected medical emergency where you will need additional insurance coverage. For more information about Medicare Supplemental Insurance contact us, or visit medicare.gov
Medicare also offers a Prescription Drug plan, Medicare Part D and it is available to anyone who qualifies for Original Medicare. This plan covers name brand and generic prescriptions. However, the cost of your plan (your premium) and your out-of-pocket expenses for prescription drugs (co-payments, co-insurance, and deductibles) will vary based on which insurance company you choose. This is precisely why it is important to speak with a Medicare specialist to ensure that you are making the right decision for you; at SMG we offer Medicare counseling with a Medicare specialist to help provide peace of mind. Knowing all of your options and discussing your individual needs with a licensed professional will make this whole process easier, less confusing and far more effective than going at it alone!
There is an additional option for Medicare recipients, Medicare Part C. This plan, also known as the Medicare Advantage Plan, will combine both Medicare Part A and Part B, and will cover all necessary medical expenses. Often, Medicare Part C is a lower cost alternative to the Original Medicare Plan, and usually comes with extra benefits and sometimes includes prescription drug coverage. At SMG we know all of the advantages and pitfalls to each option that is why we offer free consultations with a Medicare specialist that will walk you through every step of the insurance process.