Another Medicare plan option is a Medicare Supplement policy (also known as Medigap plan). Medicare Supplement Plans fill in the gaps in Original Medicare coverage such as, co-pays and deductibles for hospitalization, doctor visits and other medical services. Although Medicare Supplement or Medigap plans may cost more than Medicare Advantage plans, after paying the plan premium, there are few if any extra out-of-pocket expenses. Plan premiums vary by state so make sure that you have an Arizona Medicare supplement.
Consider these facts in deciding if an Arizona Medicare Supplement or Medigap insurance plan for hospital and medical coverage is right for you:
- Medicare does not cover all health care bills.
- Medicare has deductibles and cost sharing for some services
- Medicare supplements, or Medigaps, as they are sometimes called are sold by private insurance companies. It is there to reduce the cost out of your own pocket; it fills in the GAPS so you have to pay less. The plans are standardized which means if you enroll in a plan F with one company it will be the same coverage as a plan F with another company. Premiums will vary from company to company. Several companies offer Medicare supplements in Arizona and the key is pick a company that you are comfortable with.
- Medicare Supplements have guaranteed issue periods, such as, when you first turn 65 or go on Medicare Part B. Guaranteed issue periods also include; if you lose your existing coverage due to moving, lose group coverage, or if your supplement company leaves your service area. At other times, you will be asked health questions when enrolling