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Medicare Supplement (Medigap) insurance, sold by private companies, can help pay some of the health-care costs that Original Medicare doesn’t cover such as copayments, coinsurance and deductibles.

If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health-care costs, and your Medigap policy will pay its share as well.

A Medigap policy is different from a Medicare Advantage Plan. Medicare Advantage Plans are ways to get Medicare benefits whereas Medigap policies only supplement your Original Medicare benefits.

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What You Need to Know About Medicare Supplement Policies​

  • You must have Medicare Part A and Part B.
  • If you have a Medicare Advantage Plan, you can apply for a Medicare Supplement insurance policy. But make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins.
  • You pay the private insurance company a monthly premium for your Medicare Supplement insurance policy in addition to the monthly Part B premium that you pay to Medicare.
  • You can buy a Medicare Supplement insurance policy from any insurance company that’s licensed in your state to sell one.
  • Any standardized Medicare Supplement insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medicare Supplement insurance policy as long as you pay the premium.
  • Medicare Supplement insurance policies sold after January 1, 2006, aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan, known as Medicare Part D.
  • It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.

When a company’s employees turn 65 and become eligible for Medicare Part A and Part B coverage, these team members should no longer be covered by the company’s health insurance plans. BeneFinder is adept at placing these employees on Medicare plans.

Taking this step and by specified timelines is absolutely critical for companies because they otherwise could incur longtime, nonwaivable financial penalties. BeneFinder’s agents are knowledgeable and up to date about Medicare and its enrollment periods. We can help companies and their employees simplify complex Medicare enrollment processes and ensure employees receive appropriate coverage.

To learn more, call us at 877–643–1260 to discuss your Medicare options.

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