“I’m Trey, a health insurance advisor. And today we’re going to answer the question, what is a supplement plan or Medigap policy?
A Medicare Supplement Plan or also known as a Medigap policies are one of two different options people have to get additional coverage on Medicare. So we have Medicare Parts A and B that come from the federal government, but they don’t do everything that a person needs in retirement. That’s why people elect to pick up a Medicare Supplement Plan. That’s going to be a recurring monthly premium, but complements Parts A and B really well.
The Supplement Plan comes from a private insurance company, and that premium goes to them. But ultimately they’re going to cover all of the missing gaps in coverage that you get from parts A and B. Medicare Supplement Plan are labeled as letters. Letters A through K or L, but today’s golden standard is the Plan G. Plan G is going to fill in all of those gaps that we have with just parts A and B.
Supplement Plans come from a number of different insurance companies, and they are going to determine their price points for premiums. So do a lot of shopping because at the end of the day, a supplement Plan G has to look the exact same as everybody else, as determined by the federal government. The only difference between company A and company B Supplement Plans is going to be the price point and customer service. How well do they treat their clients?
What do you think about supplement plans? Comment down below how you feel about it. Or perhaps you prefer Medicare Advantage plans.
I’m Trey with RetirementHelp.com and that’s all the time we have today. Thanks for watching and don’t forget to like and subscribe.”
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