Health Insurance Information
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What is a Medicare Supplement ?
A "Medigap" Policy (also called Medicare Supplement Insurance) is private health insurance that is designed to work with, or supplement, your original Medicare.
This means Medigap policies help pay some of the health care costs (or "gaps") that the Medicare you receive at age 65 doesn't cover, like copayments, coinsurance and deductibles.
When you opt for a Medigap Policy, Medicare will pay its share of the Medicare approved amounts and then the Medicare Supplement plan will pay its share.
Every Medigap policy must follow Federal and State laws designed to protect you.
- There are 11 Medigap policies ranging from letter A to Letter N. They are called standardized plans which means a Plan F from one insurance company must be the exact same coverage as Plan F through another company--although premiums will vary greatly.
So since the only variance is price, your individual healthcare needs will help determine how much you stand to save by purchasing a Medigap Plan.
One advantage of Medigap Plans is that Medicare remains your primary insurance, so you will be able to see any doctor or go to any hospital that accepts Medicare without referrals.
Some Medigap plans even cover benefits that Medicare does not.
Prices range in New York from $69 per month to $567 per month.
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