Medicare Supplement – Medigap Plans

Medigap Plans for Hawaii

If you have Original Medicare, you may still be responsible for some health care costs like co-payments, coinsurance, and deductibles. That’s where a Medicare Supplement (Medigap) insurance policy can help. These policies are sold by private companies and can help pay for some of the costs that Original Medicare doesn’t cover.

How Medigap Policies Work

If you have Original Medicare and a Medigap policy, Original Medicare will pay its share of the Medicare-approved amount for covered health care costs, and then your Medigap policy will pay its share. Medigap policies are standardized and must follow federal and state laws designed to protect you. All policies offer the same basic benefits, but some offer additional benefits, so you can choose which one meets your needs.

Important Things to Know About Medigap Policies

If you’re considering a Medigap policy, here are some important things to keep in mind:

  • You must have Medicare Part A and Part B.
  • A Medigap policy is different from a Medicare Advantage Plan and will only supplement Original Medicare benefits.
  • Medigap policies are sold by private insurance companies and require a monthly premium in addition to the monthly Part B premium paid to Medicare.
  • Medigap policies only cover one person, so you and your spouse will need separate policies.
  • You can buy a Medigap policy from any insurance company licensed in your state to sell them.
  • Any standardized Medigap policy is guaranteed renewable even if you have health problems, as long as you continue to pay the premium.
  • Medigap policies sold after January 1, 2006, cannot include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
  • It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan unless you’re switching back to Original Medicare.

Working with a Medigap Insurance Agent

Choosing the right Medigap policy can be overwhelming, but as a licensed insurance agent, I can help you understand the differences between the plans so that you can decide on the right plan for you. I can also help answer any questions you may have about the policies.

Schedule an Appointment

Don’t navigate Medicare alone! Schedule an appointment with me to get all your questions answered and find the perfect plan for you or a loved one at no cost to you!