Medicare Supplements

 

Medigap, commonly known as a Medicare Supplement Plan, is a type of insurance that assists in covering any additional costs that Medicare does not cover. These expenses include things like your coinsurance and deductibles.

 

What is Medicare Supplemental insurance?

 

Private insurance businesses that are authorized to market Medicare plans sell Medigap, also known as Medicare Supplement plans.  They support you with out-of-pocket expenses for medical care covered by Medicare Parts A and B.  These expenses include deductibles, copayments, coinsurance, hospital fees after Medicare deducts its portion, and more.  Even coverage for medical services received while traveling outside of the United States is provided by certain Medicare Supplement insurance policies.

​

What are the different plans?

 

Each of the Medicare Supplement plans are identified by a letter between A and N.

Different benefits are offered through Medicare supplements. However, irrespective of the insurance provider you purchase the plan from, every plan must offer the same standardized coverage.
​

Which Medicare Supplement plan should I choose?

Some Medicare recipients desire an all-inclusive plan so they won't have to worry about unforeseen costs. Others are more concerned about inexpensive premiums than they are with getting their deductibles and copays partially covered. The decision is ultimately up to you.

​

Which Medigap policy has the highest coverage?

 

Medicare Supplemental Plan F has the highest level of coverage.  It pays for all of your cost-sharing on covered services so you have no out-of-pocket expenses. 

Medicare Supplemental Plan G is the second-best in terms of coverage.  The only thing not covered is that you still pay the Part B deductible once per year.  This keeps your Medigap premium lower and, in turn, may save some beneficiaries some money in the long run.

When can I enroll in Medigap insurance?

 

You have six months after receiving Medicare Part B to sign up for a Medicare Supplement plan with no health requirements.  You cannot be denied coverage due to a medical condition, asked any health-related questions, or charged a higher premium during this one-time open enrollment period.  After this one-time enrollment period, however, insurance providers may start to reject you based on your health.  Open enrollment is crucial to keep in mind because of this.