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November 12, 2020

The Benefits of Medicaid Supplemental Plan

What is a Medicaid Supplemental Plan? 

With Original Medicare, you usually pay some of the costs for already approved services. Also known as Medigap, Medicare Supplement Insurance is extra insurance you can buy from a private company that helps pay your share of costs. 

Original Medicare unfortunately does not pay the entire cost of covered health care services  and supplies. Medicare Supplemental Insurance helps fill the Original Medicare gaps. This insurance policy assists in paying for remaining health care costs like copayments, coinsurance, and deductibles. 

Coverage Plans

Something important to note is that Medigap supplemental insurance plans are designed to fill Medicare Part A and Part B coverage gaps. Therefore you must have these two types to purchase this kind of coverage. 

Additionally, Medigap plans to not cover prescription drugs. You must purchase an additional stand-alone Part D play if you would like coverage for drugs. 


Medigap premiums average to about $150 to $200 per month. The price is determined by age, health history, or both. However, with Medigap there are low to none out of pocket costs. The most you will be paying is your premium. A standardized Medigap policy is guaranteed renewable as long as you pay your premiums on time.  


Another benefit to Medicare is that there is little to no paperwork required to apply. Medigap almost always automatically cuts checks to providers after Medicare. Medigap is affordable, quick, and simple to understand. 


You can purchase Medigap within the first six months after you have signed up for part B and are at least 65 years old. Or if you are already signed up for part B, open enrollment lasts for six months after the day of your 65th birthday. After this time period there is no guarantee you will be able to get coverage. If you miss the enrollment period you may be turned away or charged extra for pre-existing conditions. 

Medigap vs Medicare Advantage Plans 

It is important to not mix up a Medicare Advantage Plan with Medigap. Medicare Advantage plans are a means of gaining Medicare benefits. While a Medigap policy only supplements your original Medicare benefits. 

Additionally, Medicare Advantage plans work like managed care plans you may have experienced during working years. You will have to receive your care from doctors, hospitals, and other providers within the plan’s network. While Medigap offers you the choice to visit any doctor that participates in Medicare. 

If you have questions  surrounding Medicaid Supplemental plans, call (732) 295-5584 to speak to an agent about what kind of coverage would work best for you.

This web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice.

You may wish to consult a competent attorney, tax advisor, accountant, or your own financial advisor. EMC Insurance Agency & Financial Services LLC dba I & E Insurance Agency & Financial Services is an Independent Insurance Agency, a Member of the Trusted Choice, Independent Agents of America & PIA contact your own advisors before making any financial decision. Services offered through independent NON-AFFILIATED ENTITIES

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