What You Should Know About Medicare Supplement Plans

by | Apr 14, 2023 | Financial Services

Medicare Supplement plans are commonly called Medigap. They bridge certain gaps in the Medicare system. The two plans work together to decrease the financial burden. Before you talk to an insurance agent in Springfield OR, it might be a good idea to have a basic understanding of the system.

What You Need to Know

Although there are 10 Medicare Supplement plans in Springfield, OR from which to choose, there are specific qualifiers. You need to know the following:

  • These supplement existing plans: You need to have Medicare Part A and Part B before purchasing a Medicare Supplement Plan (MSP).
  • Monthly Payments: If you purchase an MSP, you will need to make two payments: one for the Supplement; the other for your Medicare Part B.
  • Coverage: MSP is for a single person. A policy must be purchased for every individual wanting coverage.
  • Renewable: If you continue to pay the premium, an insurance company cannot cancel your policy because of health problems
  • Availability: You can buy a Medicare supplement policy from any insurance within your state licensed to sell one.
  • Drug Coverage: Unless you purchased an MSP prior to January 1, 2006, you will not receive drug coverage. This type of coverage must be purchased separately e. g. through Part D – Medicare Prescription Drug Plan.

Medicare Supplement Plans

Before you agree to purchase a Medicare Supplement plan, be sure you know exactly what is and what is not covered. Always compare the plans and the prices. While the plans may be the same, different companies charge disparately.

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