As an independent agency that works in 40 states, we talk to people from all walks of life – all over the country, different backgrounds, experience levels with insurance, and different stages in the plan exploration process. From these conversations, I hear lots of interesting things. Most of it is correct – it’s amazing how much reading most people going on Medicare do and how much information they already know when we speak with them. However, I do hear some common misconceptions – this is our attempt to set those misconceptions straight for the mutual benefit of future people turning 65 or going on Medicare for the first time.
- “My friend says company XYZ “pays real well”. This is not entirely a myth. The company probably does pay well. The reality, however, is that all Medigap plans pay the same way – through the Medicare “Crossover” system. There are no appreciable differences in how fast, how much, etc. one company pays vs. another.
- “Medicare doesn’t cover any wellness care.”This used to be the case, but it is not anymore. Check it out: Does Medicare cover wellness care?
- “My doctor doesn’t take company XYZ Medigap plan.” If a doctor/hospital takes Medicare, they are required to take the standardized Medigap plans. They cannot pick and choose from among the Medigap companies.
- “Medicare Advantage plans are the same as Medigap plans.” This is certainly not true for many reasons. What are the Differences Between Medigap and Medicare Advantage?
- “I want to sign up for Part F or Plan A and Plan B.” This is a very honest, common mistake. Medicare has “Parts” (A, B, D); Medigap has “Plans” (A-N). Medigap Plans vs. Medicare Parts
- “I have Medicare A & B and coverage from my company but I want to get a Medicare Supplement to pay what they don’t pay.” This is simply not true. A Medigap plan will not even work well with an employer plan, if at all.
- “I have a Medicare Advantage plan and I need a Medigap to pay what it doesn’t pay.” Likewise, this is not true. In fact, you cannot have a Medigap and a Medicare Advantage. Medigap supplements Medicare; when you have a Medicare Advantage plan, Medicare is not your coverage.
- “My Medigap plan covers my prescription drugs.” This is only the case if you purchased your plan before 1994. The current plans do not include any prescription coverage.
- “My Plan F is better than XYZ Plan F.” The plans are completely standardized. What are the Differences in the Medigap plans?
- “This plan costs more so it must be better.” Unfortunately, no. It’s not that easy. I would never recommend paying “extra” for a plan because you recognize the name, heard it is good, etc. The plans are completely standardized. Save yourself the money in the beginning – get a lower cost plan. Coverage is the same.
If you have any questions about this information please contact us online at Medicare-Supplement.us or call us at 877.506.3378.