If you’re a senior citizen, you’re likely familiar with AARP, the American Association of Retired Persons. But did you know that AARP offers a Medicare supplement insurance plan? In this article, we’ll explain what AARP Medicare supplement insurance is, how it works, and how it can benefit you.
What is AARP Medicare Supplement Insurance?
AARP Medicare supplement insurance, also known as Medigap, is a type of health insurance designed to supplement your Medicare coverage. Medigap policies are sold by private insurance companies, including AARP. Medigap policies help pay for out-of-pocket costs that Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.
How Does AARP Medicare Supplement Insurance Work?
To enroll in an AARP Medicare supplement insurance policy, you must first have Original Medicare, which includes Medicare Part A (hospital insurance) and Part B (medical insurance). Once you have Original Medicare, you can enroll in an AARP Medigap policy to help pay for out-of-pocket costs.
AARP Medigap policies are standardized, which means that each policy offers the same basic benefits, regardless of the insurance company that sells it. However, insurance companies can offer additional benefits beyond the basic benefits, so it’s important to compare policies from different insurance companies to find the best one for you.
How Can AARP Medicare Supplement Insurance Benefit You?
There are several benefits to enrolling in an AARP Medicare supplement insurance policy:
- Lower out-of-pocket costs: With an AARP Medigap policy, you’ll pay less out of pocket for medical expenses that Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.
- More predictable costs: With an AARP Medigap policy, you’ll know exactly how much you’ll pay for healthcare costs each month, making it easier to budget for healthcare expenses.
- No network restrictions: With an AARP Medigap policy, you can see any healthcare provider who accepts Medicare, without worrying about network restrictions.
- Guaranteed renewable: AARP Medigap policies are guaranteed renewable, which means that as long as you pay your premiums on time, your policy will never be cancelled, even if you have health problems.
In conclusion, AARP Medicare supplement insurance can be a great way to supplement your Original Medicare coverage and help you save money on out-of-pocket healthcare costs. If you’re interested in enrolling in an AARP Medigap policy, be sure to compare policies from different insurance companies to find the one that best meets your needs.