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Medicare Supplements

Medicare Supplement plans, aka Medigap, are policies that help pay for things like your deductibles and coinsurance. These are called excess charges, which are left over by Medicare.

What Is Medicare Supplemental Insurance?

Medicare Supplement or Medigap plans are sold by private insurers that are licensed to sell Medicare plans. These insurance policies help you pay for out-of-pocket expenses for services covered under Original Medicare. The costs include:

Deductibles
Coinsurance
Copayments
Skilled nursing facility costs
Hospital costs after Medicare pays its share
And more

Some Medicare Supplement Insurance plans also include coverage for medical services while you are traveling outside of the country.

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What Are the Different Plans?

The different Medicare Supplement plans are marked with a different letter from A to N. While Medicare Supplements include different benefits, each plan is required to have the same standardized coverage regardless of which insurance company you choose.

Which Medicare Supplement Plan Should I Pick?

Some people like a plan that covers everything so they can avoid the hassle of out-of-pocket expenses. Others desire some of their deductibles and copays handled but are mostly concerned about low premiums. The choice is totally up to you.

Which Medigap Policy Has the Highest Coverage?

Medicare Supplement Plan F features the highest level of coverage. Plan F handles all of your cost-sharing on covered services so you have zero out-of-pocket expenses.

The second-best, in terms of coverage, is Medicare Supplement Plan G. It does not cover the Part B deductible, which you will pay once a year. But it keeps your Medigap premium lower and could save you some money over time.

When Can I Enroll in Medigap Insurance?

When you have Medicare Part B, you have a six month period to enroll in a Medigap plan with no health questions. This one-time open enrollment is special because during it, you cannot be declined for a health condition, you cannot be asked medical questions, and you cannot be charged an extra premium for health reasons.

As soon as this one-time enrollment ends, however, insurers can begin to say no based on your health. Open enrollment, therefore, is a critical time to remember.

For all your Medigap questions, give us a call at 830-217-6711.

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