Choosing a Medigap Policy: A Guide to Health Insurance for People With Medicare
Centers for Medicare and Medicaid Studies, November 23rd, 2009
Th is guide was written to help people with Medicare understand Medigap (also called “Medicare Supplement Insurance”) policies.
A Medigap policy is health insurance sold by private insurance companies to fill gaps in Original Medicare coverage. Medigap policies don’t work with any other type of health insurance, including Medicare Advantage Plans, employer/union group coverage, Veterans Administration (VA) benefits, or TRICARE. Medigap policies help pay your share (coinsurance, copayments, or deductibles) of the costs of Medicare-covered services. Some Medigap policies cover certain costs not covered by Original Medicare.
However, before you learn more about Medigap policies, the next few pages provide a brief look at Medicare. If you already know the basics about Medicare and want to learn about Medigap basics, then turn to page 9.
What is Medicare?Medicare is health insurance for people age 65 or older, under age 65 with certain disabilities, and any age with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant). Original Medicare covers many health care services and supplies, but there are many costs (“gaps”) it doesn’t cover.
The Different Parts of Medicare
The different parts of Medicare help cover specific services if you meet certain conditions. Medicare has the following parts:
Medicare Part A (Hospital Insurance)
• Helps cover inpatient care in hospitals
• Helps cover skilled nursing facility, hospice, and home health care
Medicare Part B (Medical Insurance)
• Helps cover doctors’ services and outpatient care
• Helps cover some preventive services to help maintain your health and to keep certain illnesses from getting worse
Read more of this article.Supplemental Medicare Insurance: work with a pre-screened insurer
to find the right Medicare Advantage program for you and your medical
needs.About Reverse Mortgages: Learn all about reverse mortgages at NewRetirement.com
Professional Financial Advisers: Find out what a financial adviser can do for you at NewRetirement.com.