There are 57.5 million people enrolled in Medicare, the federal insurance program that pays for a host of health treatment expenses. While participants have access to services, some costs are not covered by Medicare. This is where Medigap provides a financial bridge. If you’re not familiar with the supplemental program, here is a helpful guide on it.

What is Medigap?

The program is provided by private insurance companies that pay for services not covered by Medicare. These include a person’s deductibles, co-payments, and co-insurance. The way it works is Medicare pays for its share of approved healthcare costs. Any remaining amounts are picked up by Medigap.

You pay a private insurance carrier authorized to provide Medigap monthly premiums, but to participate, you’re required to have Medicare’s Part A and Part B plans. Only one individual per Medigap policy is permitted. Spouses must have separate ones.

Who Benefits From Medigap?

People with health problems can benefit from Medigap coverage because any standardized policy comes with a guaranteed renewable agreement. As long as you pay your premiums, the private insurance company providing Medigap can’t cancel your policy.

The coverage is also beneficial for those who travel outside the United States because Medigap’s protections remain in place wherever you go. If your deductibles and co-payments are significant, the policy can help ease your financial burden for these costs too.

What Are Some Policy Options?

There are Medigap Plans A, B, C, D, F, G, K, L, M, and N. Most Medigap plans offer the same features such as Part A hospital costs up to 365 days after Medicare benefits have been used up. All pay for Part B co-payment and co-insurance costs except Plans K and L, which pay 50% and 75%, respectively. Nearly all plans cover the entire portion or a percentage of skilled nursing facility care co-insurance. Plans A and B do not cover these costs.

Lighthouse Agency in Fairfield, OH specializes in helping individuals understand how Medigap works. For 23 years, the family-oriented firm has assisted clients with selecting the plan that will accommodate their unique health and budgetary needs. If you’re interested in learning more about Medigap, call (513) 860-9100 to schedule an appointment with a friendly agent. You can also visit the agency’s website for additional insurance options.