Medicare Supplement (Medigap)
Why is it Important?
Medicare Supplement plans, sometimes called Medigap, are sold by private insurance companies to help pick up costs not covered by Medicare Part A and Part B like deductibles and coinsurance.
Keep in mind that a Medigap plan will only pay eligible balances left after Medicare pays; this means that if a service is deemed ineligible by Medicare, your Medigap plan will not cover it either.
Examples of services or items not covered by Original Medicare are:
- Routine dental care
- Hearing aids
- Long-term care (nursing home).
One of the major expenses associated with most insurance plans, including Medicare, are the out-of-pocket costs such as deductibles, co-pays, and coinsurance. Medicare Supplement insurance can ease the financial burden and stress created by these unpredictable and costly expenses.
Medigap plans can be an effective tool to greatly reduce or in some cases eliminate your medical costs for Medicare eligible expenses. Medicare Supplement plans can help ease the financial burden and possible stress created by unexpected medical costs.
Medigap coverage may be a better option for certain beneficiaries than Medicare Advantage or relying solely on Original Medicare.
Medicare Supplement policies can help you pay out-of-pocket costs like deductibles, coinsurance or copayments.
You must have both Medicare A and B in order to purchase a Medicare Supplement plan. You will pay a separate monthly premium directly to the insurance company for the Medicare Supplement plan.
This type of supplemental coverage can be a good fit for folks who would rather budget for a higher monthly premium in order to greatly reduce, or in some cases totally eliminate, their exposure to eligible medical costs.
Medicare Supplement plans are guaranteed renewable which means that the insurance company cannot drop you as long as you pay your premium - so even if you become very ill they have to keep you.
A few points to think about when choosing whether a Medigap plan is right for you:
- Will the additional premium fit into your budget
- Does your doctor take Original Medicare
- What is your typical usage of medical insurance
- How often do you travel out of the area
Please also keep in mind that Medicare Supplement plans do not include prescription drug coverage so you will also need a standalone Medicare Part D plan.
MACRA (Medicare Access and CHIP Reauthorization Act of 2015) is recent legislation that impacts a few areas of how Medicare functions. The main points for the general public to be aware of are:
- the law removed social security numbers from Medicare cards and everyone is now assigned a Medicare Beneficiary Identifier (MBI). New cards for existing beneficiaries were mailed in 2019.
- Medicare Supplement plans that cover the Medicare Part B deductible (mostly Plans F and C) are no longer available for purchase if you are eligible for Medicare as of January 1, 2020 or after.
- Changes to the way Medicare rewards clinicians for value over volume
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Meet The Experts
Jodie Enenbach-Moreno is the owner of Smart Insurance Solutions®. Prior to opening her agency in 2013, Jodie worked for Blue Cross Blue Shield of Nebraska and Mutual of Omaha in service, sales and marketing. Her passion for client education motivated her decision to open an independent agency here in Omaha. Jodie hosts educational classes throughout the year on the radio, for community groups, financial advisors and the general public.
With over 10 years of insurance experience, Jodie spends many hours refreshing product knowledge, renewing certifications for government programs (Medicare & Marketplace) and staying on top of regulation changes. For additional compliance and support, Jodie has a long-standing relationship with Preferred Marketing Associates.
Becky is our office manager and customer service specialist. She is an incredible asset to the team. Becky is also from Omaha - if you ask, she will tell you she is from South-O (go Packers!). Becky brings decades of management experience and provides many types of administrative support. Becky is a 1993 graduate of Leadership of Omaha and was among the first women in the world to earn a BSE (Building Services Executive) designation. She was also on the board of directors for ProSanctity, Emmy Gifford Theater and the Park East Neighborhood Association.
Property & Casualty Specialist
Byron started in the insurance industry in 1998 after having served in the US Air Force for more than 20 years. Byron has more than 20 years of insurance experience and we are excited to add him to our team!