Medicare Supplement Insurance Colorado | National Benefits Consultants

Medicare Supplement Insurance

Medicare Supplement Insurance, also called Medigap, is private insurance that works with Original Medicare. It can help pay certain out-of-pocket costs left by Medicare Part A and Part B, such as copayments, coinsurance, and deductibles.
Medigap is not the same as Medicare Advantage. A Medicare Supplement policy is designed to work with Original Medicare, while Medicare Advantage is a different way to receive Medicare benefits through a private insurance company.
National Benefits Consultants helps Colorado Medicare beneficiaries understand how Medicare Supplement Insurance works, compare options, and decide whether a Medigap approach may fit their needs.

How Medicare Supplement Insurance Works

Original Medicare pays first for covered Medicare-approved services. If you have a Medicare Supplement policy, the Medigap policy may help pay some of the remaining costs based on the plan you choose. Medicare explains that Medigap is extra insurance sold by private companies to help pay your share of out-of-pocket costs in Original Medicare.
Generally, you must have both Medicare Part A and Medicare Part B before you can buy a Medicare Supplement policy.
Medigap policies do not replace Original Medicare. They supplement it.

Why People Consider Medicare Supplement Insurance

Some Medicare beneficiaries want the flexibility of Original Medicare while reducing exposure to certain out-of-pocket costs. A Medicare Supplement policy may appeal to people who want:

Help with Medicare deductibles, coinsurance, or copayments
The ability to use providers who accept Medicare
Predictable coverage alongside Original Medicare
A different structure than Medicare Advantage
Possible emergency foreign travel coverage, depending on the Medigap plan

Medicare Supplement Insurance may not be the right fit for everyone. Premiums, plan type, timing, health questions, prescription drug needs, and long-term budget should all be reviewed.

Medicare Supplement vs. Medicare Advantage

Medicare Supplement Insurance and Medicare Advantage are often compared, but they are not the same kind of coverage.
With a Medicare Supplement policy, you stay with Original Medicare and add a private Medigap policy to help pay certain out-of-pocket costs. Medicare Advantage is an alternative way to receive Medicare benefits through a private plan.
The right choice depends on your doctors, prescriptions, travel habits, budget, risk tolerance, and how you prefer to receive care. Medicare.gov notes that people should consider doctor and hospital choice, costs, coverage, and travel when comparing Original Medicare and Medicare Advantage.

When to Review Medicare Supplement Options

The best time to review Medicare Supplement options is usually when you are first eligible and have Medicare Part B.
Under federal law, the Medigap Open Enrollment Period lasts six months. It begins the first month you have Medicare Part B and are age 65 or older. During this period, you generally have stronger rights to buy a Medigap policy.
After that window, your options may be more limited, and you may have to answer health questions depending on the situation. Medicare explains that after the Medigap Open Enrollment Period, options to buy a policy may be limited and the policy may cost more.

What Medicare Supplement Insurance Does Not Usually Include

A Medicare Supplement policy does not usually include prescription drug coverage. If you choose Original Medicare with a Medicare Supplement policy, you may also want to review a separate Medicare Part D prescription drug plan.
Medicare Part D is optional drug coverage offered by private insurance companies approved by Medicare. Medicare notes that even people who do not currently take prescription drugs may want to consider Part D to avoid a possible late enrollment penalty later.
Medigap also does not usually include routine dental, vision, or hearing coverage. Those needs may require separate coverage or a different Medicare strategy.

What to Compare Before Choosing a Medicare Supplement Policy

Before choosing a Medicare Supplement policy, it is important to review:

Whether Medicare Part A and Part B are active
Your Medigap Open Enrollment timing
The type of Medigap plan being considered
Monthly premium
Household budget
Prescription drug needs
Provider preferences
Travel habits
Whether Medicare Advantage may be a better fit
Whether separate dental, vision, or hearing coverage is needed

Medigap policies are standardized by plan letter in most states. Medicare says that when shopping, you should compare the same lettered plan from different insurance companies, such as Plan G from one company with Plan G from another.

How National Benefits Consultants Helps

National Benefits Consultants helps Medicare beneficiaries compare Medicare Supplement Insurance in the context of the full Medicare decision.
We can help you review:

Original Medicare Part A and Part B timing
Medicare Supplement plan options
Medigap vs. Medicare Advantage considerations
Medicare Part D prescription drug coverage
Dental, vision, and hearing coverage needs
Budget and long-term planning considerations

Our goal is to help you understand your choices before making a Medicare coverage decision.

Need Help Reviewing Medicare Supplement Insurance?

Need help comparing Medicare Supplement Insurance, Medicare Advantage, Part D, or other Medicare coverage options? Call 720-488-9892 or contact National Benefits Consultants to review your Medicare coverage choices.