Because basic Medicare coverage has limitations, many people purchase supplemental insurance policies to cover any gaps. These policies —called Medicare Supplement or “Medigap” policies — are sold by private health insurance companies.
The types of health care costs that Medicare Supplements cover include copayments, coinsurance and deductibles. However, they don’t usually cover long-term care, vision, dental, private-duty nursing, hearing aids or eyeglasses.
Enrollees must have Medicare Part A and Part B, but cannot have a Medicare Advantage Plan, which is different because that type of policy provides actual Medicare benefits. As the name says, Medicare Supplement policies only supplement the Original Medicare benefits.
A Medicare Supplement policy only covers one person; if a spouse wants Medigap coverage, they have to buy a separate policy.
Why Agents Offer Medicare Supplements
Just as Medicare Supplements aren’t the best fit for every client, they aren’t always the best fit for Agents. Consider these questions:
- Are these plans beneficial for the people in your community and the areas you serve?
- Do you offer similar/competitive products?
There are many compelling reasons to offer Medicare Supplements, such as:
- You can help families with some of the most difficult decisions of their life
- You can provide your clients with peace of mind, as they will know they have a health plan behind them
- You’ll be serving the needs of your clients and community
- You can offer a profitable product that will help your bottom line
How to Get Started with Medicare Supplements
If you decide to offer Medicare Supplements, we recommend talking to someone from the Premier team of experts. They’ll provide answers to your questions, and have tools available to support your new product offering.
Just complete this contact form and we’ll get in touch as soon as possible: