Medicare supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles. Some Medigap policies also offer coverage for even more services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. If your clients have Original Medicare and they buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then their Medigap policy pays its share.
Medicare Advantage and Prescription Drug Plans
A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide your clients with all their Part A and Part B benefits. Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. If they’re enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage.
Health and Ancillary
Health insurance is a type of insurance coverage that covers the cost of an insured individual’s medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider.
Like other types of insurance, life insurance provides protection against the unknown. When your clients buy life insurance, they’re paying for peace of mind. They know that their family will be taken care of in the event of their sudden demise. Life insurance is like the life jacket in a fishing boat, or the air bag in a car. They hope they never have to use it, but it’s nice to know it’s there.