Common Misconceptions About Medicare Supplemental Insurance

Common Misconceptions About Medicare Supplemental Insurance

Common Misconceptions About Medicare Supplemental Insurance

Are Medicare Supplemental Insurance options leaving you confused? Medicare Supplement insurance coverage, also known as Medigap insurance or Plan F, offers coverage options from private insurance companies with separate monthly premiums that specifically target the things traditional Medicare fails to cover.

If you find yourself struggling to calculate the complicated array of coverage levels, benefits, and prices regarding your Medicare coverage and how to fit it all together with Medicare Supplemental Insurance, never fear. Working with an experienced health insurance professional, like our team from Good and Associates Insurance Services, can help you navigate the ins and outs of Medicare Supplemental Insurance.

Misconception 1: Medicare Supplemental Insurance Is Unnecessary

Medicare Supplemental Insurance builds upon Medicare Parts A and B. These plans significantly reduce health care costs by picking up where Medicare leaves off.

Medicare Parts A and B cover about 80% of your medical costs, leaving you to cover the remaining 20% yourself. That 20% might seem minor, but that fraction can represent thousands or even hundreds of thousands when the major medical bills arrive.  

Medicare Supplemental Insurance Plans offer options to cover the following Medicare gaps:

  • Part A coinsurance and hospital costs up to an additional 365 days
  • Part B coinsurance or co-payment
  • Blood transfusion up to the first 3 pints
  • Skilled nursing facility care coinsurance
  • Deductibles and Excess charges
  • Foreign travel exchange

Misconception 2: Medicare Advantage Plans Work with Medicare Supplemental Insurance

Medicare Advantage plans let you get your Medicare coverage benefits through private insurance companies. These plans often bundle Medicare Part D (prescription drug coverage) and dental, vision, and hearing, that basic Medicare doesn’t cover. This bundling helps address Medicare’s problems but comes as a private insurance policy with deductibles, co-payments, and coinsurance.

Medicare Supplemental Insurance works differently. Medicare Supplemental Insurance helps individuals covered by traditional Medicare Parts A and B only. Enrolling in Medicare Advantage makes you ineligible for Medicare Supplemental Insurance.

Misconception 3: One Policy Must Fit Two Spouses

Like Medicare itself, Medicare Supplemental Insurance plans cover one person per plan. While you may find a policy that suits both partners, the levels of individualization actually work in your favor. Shopping for Medicare Supplemental Insurance lets you fine-tune coverage for each person’s specific medical needs. You can even purchase different policies from different providers to get the best mix of coverage and savings.

Speak to an Expert

When you need to decipher the out-of-pocket costs and benefits of your Medicare Supplemental Insurance options, go to the experts. Trust your local licensed insurance agent and certified insurance enroller at Good and Associates Insurance Services to walk you through the options and help you get the Medicare Supplemental Insurance you need in California. Call (800) 429-9900 or (909) 613-0056, or contact us online to ask questions and get a free quote.