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Medicare Supplement plans, also known as Medigap, are policies that help pay for the excess charges left over by Medicare.
These costs are things like your deductibles and coinsurance.
Medicare Supplement plans, or Medigap, are insurance policies sold by private insurance companies that are licensed to sell Medicare plans. They help you pay for out-of-pocket costs for services covered under Medicare Part A and Part B.
These costs include deductibles, coinsurance, copayments, hospital costs after Medicare pays its share, skilled nursing facility costs, and more. Some Medicare Supplement insurance plans even include coverage for medical services while traveling outside the United States.
When you have a Medigap policy, Medicare pays up to its limit on your medical expenses. Then, your Medicare Supplement plan with then kick in up to its limit. That limit usually is able to pay off the remainder. However, that will depend on which policy you select.
Different Medicare Supplement plans are labeled with a different letter between A through N. We cover Medicare Supplement Plans in detail here.
Medicare Supplements feature different benefits. However, each plan must have the same standardized coverage no matter which insurance company you purchase the plan from.
The most frequent questions we get asked concerning Medicare Supplement Insurance. Please reach us at email@example.com or give us a call if you cannot find an answer to your question.
Some Medicare beneficiaries want a plan that covers everything so they don’t have to worry about out-of-pocket expenses. Others simply want some of their deductibles and copays paid for but are mostly worried about low premiums. Ultimately, the choice is up to you.
For a guide to plan comparison, visit our Plan Comparison page.
Every company has to follow the standardized guidelines set by Medicare. The Medigap plans are Plan A, B, C, D, F, G, K, L, M, and N. No matter which company you purchase your Medigap plan from, their plans feature the same set of benefits.
The monthly premium will be the only difference.
Visit our Medicare Supplement Plans page for further details on the plans.
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.
Original Medicare only covers 80% of your Part B expenses. The other 20% comes out of your pocket if you do not have a Medigap policy.
If you were to have lengthy treatment or some seriously expensive ones, you can see how that could rack up.
Medicare Supplements pay that 20% for you.
Things that are not covered by Original Medicare or your Medicare Supplement:
Each of the standardized Medigap plans available in most states cover:
Beyond that, each plan offers different benefits and some, like plan F and G are popular because they pay 100% of your cost-sharing responsibility.
It is important for you to sit down with your medical bills and find out where you could most use the assistance of a Medicare Supplement plan. Or you could talk to a licensed Medicare agent from Bobby Brock insurance and they can help you find a policy that works best for you.
Some people who are eligible for Medicare choose to wait to enroll because they have group health coverage through an employer. Once they retire, they have the right to purchase select Medigap policies within 63 days of losing group coverage. This window is called Medicare Supplement guaranteed issue rights.
This window is sort of like open enrollment with Original Medicare, except the window — again, 63 days — is a smaller period of time and the plans will be limited to A, B, C, F, K, and L. Insurance companies cannot deny your application for any reasons during your guaranteed issue window.
There are other instances in which you have a guaranteed issue. These can vary depending on which state you live in, so be sure to ask a licensed Medicare agent at Bobby Brock insurance to see what options are available for you.
Once you have Medicare Part B, you have six months to enroll in a Medicare Supplement plan with no health questions. This is a one-time open enrollment in which you cannot be turned down for any health conditions, you cannot be asked any medical questions, and you cannot be charged an additional premium for health reasons.
However, once this one-time enrollment is over, insurance companies can begin to refuse you based on health.
This is why open enrollment is an important time to remember.
If you missed your window for open enrollment or guaranteed issue, don’t worry! You can still apply for a Medicare supplement plan.
You will just have to answer health questions on your application.
This guide can be helpful if you’re considering buying a Medigap policy or already have one. It’ll help you know how Medicare Supplement plans work.
We would love to chat with you about your Medicare coverage. Please send us an email or give us a call and one of our local agents will follow up with you soon!
2350 South 7th Street, Saint Louis, Missouri 63104, United States
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*Calling the number above will direct you to a licensed insurance agent. The purpose of this site is the solicitation of insurance products. By completing this form, you give permission for Comprehensive Benefits to Send SMS messages and for contact to be made by an insurance agent/producer or insurance company. Not affiliated with or endorsed by the government or federal Medicare program.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.