Medicare Supplement Plans

medicare supplement plans

Medicare Supplement plans ‘supplement’ Original Medicare. Medicare Supplement Insurance is a great way to protect yourself from high medical bills.

Original Medicare (Part A & Part B) doesn’t cover everything. In most cases, Medicare covers 80% of your approved health care costs, so you are still responsible for the other 20%. This is where a Medicare Supplement plan could help limit your yearly out of pocket costs.

Medicare Supplement insurance policies are sold by private insurance companies, can help pay for some of the remaining costs like:

  1. copayments
  2. coinsurance
  3. deductibles

Medicare Supplement plans are also called Medigap plans because they help bridge the gap of some costs for seniors that Original Medicare doesn’t cover.

It’s important to understand ALL costs assiociated with a Medicare Supplement Plans prior to enrollment. This could include any premiums, deductibles, coinsurance or copayments not covered by the plan. Medicare Advantage plans could be an alternative.

When can I enroll in a Medigap Plan?

Medicare Supplement Open Enrollment is the first six months a consumer is 65 or older and enrolled in Part B. This is the best time to purchase a Medigap policy.

During this time, you will have access to ALL plans available in your State with the BEST pricing, regardless of your health conditions.

After Medicare Supplement Open Enrollment, you can still apply for a Medigap Plan but you may be denied coverage or charged a higher rate because of your health.

A Medicare Supplement plan ONLY covers one person. If a married couple wants to have Medigap coverage, they must buy seperate Medicare Supplement plans.

Just remember: You can’t buy a Medigap Plan if you are enrolled in a Medicare Advantage plan. Medicare Supplement insurance plans ONLY supplement Original Medicare.

What types of Medicare Supplement Plans are available?

There are 10 types of standardized plans available and ALL regulated by State and Federal laws.

These Medicare Supplement plans are classified by plan letters A through N. Available Medigap plans include: A, B, C, D, F, G, K, L, M, and N. Not all plans are available in each State. Plus, not all companies offer all the plans.

Beginning on January 1, 2020, Plan C & Plan F will no longer be available to anyone who is new to Medicare. However, if you already have either plan your coverage will continue as normal.

All of the plans above are offered by private insurance companies, like Humana, Aetna,UnitedHealthCare and many others. High deductible plans are also available based on the insurance company and area.

IMPORTANT: All Medicare Supplement plans that begin with the same letter offer the SAME coverage. So, you get the SAME coverage regardless of the Medigap company you purchase your policy from.

However, the coverage will be the same… but the COST will be different. This is why using an independent broker like MedicareQuote is the best way to buy a Medicare Supplement plan.

Are Prescription Drugs covered under a Medigap Policy?

Unfortunately, prescription drugs aren’t included with Medicare Supplement Plans. If you are needing prescription coverage, you can add on a Part D drug plan to protect you. Part D Plans are also offered by private insurance companies. In fact, the same companies who offer Medigap policies.