Medicare Supplement Insurance
Medicare Supplement Insurance (aka Medigap) are used to help pay for some of the healthcare services covered/allowed by Medicare but not fully paid for. In other words, it helps fill some of the gaps of Original Medicare coverage.
Here’s an easy way to think of a Medicare Supplement Insurance plan. Picture it as a card that sits on top of your Original Medicare. It serves to pay for the costs that normally Medicare would pass on to you. Medicare has gaps, like coinsurance, copayments, and deductibles. You must pay for these when accessing medically-approved services. You will still show your original Medicare card when accessing services.
You will pay your Part B premium and then pay for your Medicare Supplement Insurance policy on top of that. If you have a Medicare Supplement Insurance policy, Medicare will first pay its share of your medical expenses, then your policy will step in and pay its share. This is usually the remainder of your bill, however, it depends on which policy you choose from the standard offered plans.
PART D (PRESCRIPTION DRUG) COVERAGE
Medicare drug plans are optional and are offered to all Medicare beneficiaries to help pay for necessary prescription drugs. There are two ways to get Part D and both of them require you to be enrolled in Part A and B of Medicare. The first is through Medicare drug plans which add drug coverage to original Medicare and the second is through a Medicare Advantage plan (Part C) or other Medicare Health Plan that includes drug coverage.
When selecting a Medicare Supplement Insurance Supplement policy, it’s important to note whether it includes creditable Prescription Drug Coverage. Medicare considers “creditable” coverage to include plans that have similar or better coverage than Part D coverage. This is important when selecting a policy because if you wait to enroll in a Prescription Drug Plan, you will most likely pay a penalty for not having creditable Prescription Drug coverage, which will be calculated from the time of your initial (or special) enrollment period. An exception to the penalty comes into play if your previous plan included creditable drug coverage, for example through an employer plan, and we can help you take the steps to prove this to Medicare. Even if they enroll in a Medicare Advantage plan at a later date, they will most likely pay the penalty for not having creditable drug coverage added to their monthly premium.
How We Work
My goal is to provide white-glove service to each and every client to meet their current health insurance needs. I provide ongoing consultation each year to review any changes or new options available.
Personalized Medicare Guidance
Receive insurance guidance tailored to your lifestyle, financial goals, and personal preferences.
Medicare Education and Consultation
Passage Insurance offers Medicare 101 educational meetings and ongoing consultations.
Consultations for Professionals
If you’re a professional working with Medicare beneficiaries, we are available to partner with you as a Medicare resource.