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Understanding Medicare Supplements: A Guide for Beneficiaries

Navigating through the complexities of Medicare can be challenging. As an independent Medicare Supplement insurance agency, Insurance Market Of Hampton is dedicated to helping you understand your options and find coverage that fits your needs.

What Are Medicare Supplements?

Medicare Supplements, also known as Medigap policies, are insurance plans provided by private companies. They are designed to fill the "gaps" in Original Medicare coverage, such as deductibles, co-payments, and coinsurance. Why Consider a Medicare Supplement Plan?

Financial Security: Medigap policies help manage out-of-pocket expenses.

Flexibility: You can choose a plan that fits your medical needs and budget.

Peace of Mind: Reduced worry about unexpected medical costs

Nationwide Coverage: Unlike some Medicare plans, Medigap policies offer coverage across the U.S.

Guaranteed Renewable: Your coverage can't be canceled for health reasons or any other factor as long as you pay the premium.

How Can Insurance Market of Hampton Help You?

Personalized Consultation

Understanding your unique needs and health goals.

Plan Comparison

Helping you compare different Medigap plans.

Simplified Enrollment

Guiding you through the enrollment process with ease.

Ongoing Support

Providing continuous support and updates on policy changes.

Choosing the Right Medigap Plan

There are several Medigap plans available, each identified by a letter (e.g., Plan A, Plan B). These plans have standardized benefits across all insurers, but premiums can vary. Insurance Market Of Hampton will help you understand the differences and select the right plan for you.

To be eligible, you must be enrolled in Medicare Parts A and B.

The best time is during your Medigap Open Enrollment Period, which starts on the first day of the month that you are both 65 or older and enrolled in Medicare Part B.

This is an important question as it helps clarify two distinct types of coverage that are often confused.

Medicare Supplement (Medigap) Plans: These plans are designed to work in tandem with Original Medicare (Parts A and B). They help cover certain out-of-pocket costs like deductibles, copayments, and coinsurance. Medigap plans do not include prescription drug coverage, so you may need to join a separate Medicare Prescription Drug Plan (Part D) for that.

Medicare Advantage Plans (Part C): These are an "all-in-one" alternative to Original Medicare. They are offered by private companies approved by Medicare and include Part A, Part B, and usually Part D coverage. Many Medicare Advantage Plans offer additional benefits, like vision, hearing, and dental coverage. They have different rules, costs, and coverage limitations, which can vary from plan to plan.

Understanding the differences between these plans can help you choose the coverage that best suits your healthcare needs and budget.

Ready to Explore Your Options?

Insurance Market Of Hampton is here to provide the guidance and support you need to make informed decisions about Medicare Supplements. Contact us today to schedule a consultation and take the first step towards comprehensive health coverage.