What is Medigap?

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Drew McCormick - Benefits Consultant at Healthcare Solutions Team

This week, we will go into what is Medigap coverage - how is it different than Medicare supplement and what are some of the advantages.

We're going to talk a little bit about what Medigap is and Medigap you may have heard the term might not be familiar with it, it means the same thing as Medicare Supplement. So if you hear Medigap or Medicare Supplement, it's the same thing. Basically what Medigap does is it picks up the 20% that's not picked up by Original Medicare. Original Medicare consists of A and B, which is what you get from the government and picks up 80% of your medical expenses leaving you with 20%, and what the Medigap does is picks up that 20%. That way you don't have that 20% exposure, because one of the other challenges with the 20% is there's no cap on it. So that way you've got the 20% coverage.

Normally what I recommend is taking a look at Medicare Part Medicare Supplement part G. There's a handful of plans out there I like G typically, or normally, the best because it picks up that 20% with the exception of the part B deductible, which is currently at $183 so basically once you've met that $183 annual deductible, then everything's covered hundred percent after that be it between your Medicare and your supplement. So, some of the advantages of Medicare Supplements is that there are no networks, provided you go to a doctor that accepts Medicare. You're good anywhere in the country so you can travel anywhere in the country and be just fine. Perfect, especially if you know say you do your winters in Florida or you know somewhere warmer. Medicare supplements are perfect for that.

Also, Medicare supplements, don't travel, travel across the United States borders. So if you go internationally you can get temporary international plans to cover those trips. That's a little bit about the Medicare Supplement or the Medigap plans.
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I'm Drew McCormick with The McCormick Agency. I provide both national and local health insurance coverages and solutions to the Chicago and surrounding areas (Elmhurst, Park Ridge, Rosemont, Norridge, Des Plaines, Schiller Park, and Edison Park).