What is a Medicare Supplement?
A Medicare Supplement Insurance Plan, or Medigap plan, is a type of health
insurance plan that helps cover the gaps in Medicare. A Medicare Supplement
Insurance Plan works alongside Original Medicare Parts A & B to help eliminate the extra cost that you are otherwise responsible for. Medicare is your primary payer and will pay it's share first and that's when your supplement comes in and fills in it's share.
Medicare Supplement Plan Options:
There are 10 different standardized Medicare Supplement Insurance Plan benefit package options. These different plan options are identified by a letter such as A, B, C, D, F, G, K, L, M and N. Since these plans are standardized each company offering these supplement policies must provide the same benefits for each lettered plan. For example, a Plan F with "Company ABC" is the exact same coverage as the coverage under a Plan F with "Company XYZ."
Click here to view the standardized benefit chart that all companies are required to follow.
How much do Medigap plans cost?
Pricing for Medicare Supplement Insurance Plans vary from plan to plan and company to company. For each lettered plan you will likely find a wide range of prices between different companies. As stated above, each lettered plan is the same coverage regardless of the company or price. It is very important to shop around when looking into Medicare Supplement Insurance Plans as you could overpay for coverage when there is a less expensive alternative for you without reducing coverage. Contact us today to see what plans are available to you.
When am I eligible to join a Medigap plan?
You may initially sign up for a Medicare Supplement plan during your Open Enrollment Period. This period starts 6 months before your 65th birthday month and ends 6 months after your 65th birthday month. During this OEP you are eligible to join any Medicare Supplement plan you choose and are guaranteed coverage regardless of your health.
Outside of your Open Enrollment Period you are able to change Medigap Plans any time of the year but you may be subject to health questions. You may choose to apply for coverage with a new company if your plan has increased their rates and you can find a better deal elsewhere while still providing you the same benefits. The company has the right to decline you coverage if you have a condition they deem uninsurable in their underwriting guidelines. Each company has different medical underwriting guidelines so it is important to look at all companies when trying to switch companies.