Medicare Supplements (also called Medigap) are private insurance plans that help pay some of
the out-of-pocket costs that Original Medicare (Parts A and B) doesn't cover, such as
copayments, coinsurance, and deductibles. They are standardized by the federal government,
meaning that plans with the same letter offer the same basic benefits, regardless of the
insurance company.
Key Features of Medicare Supplements
- Coverage Gaps: They fill the "gaps" in Original Medicare coverage, providing additional
financial protection.
- Freedom of Choice:You can see any doctor or hospital that accepts Medicare, giving
you more flexibility than some Medicare Advantage plans.
- No Network Restrictions: You don't have to worry about staying within a network to get covered care.
- Monthly Premiums: You'll pay a monthly premium to the private insurance company in
addition to your Part B premium.
- Guaranteed Renewable: As long as you pay your premiums, your coverage can't be canceled.
Types of Medicare Supplement Plans
There are ten standardized Medicare Supplement plans (labeled A through N), each with
different levels of coverage and costs. Some of the most popular plans include:
- Plan F: Offers the most comprehensive coverage, covering virtually all out-of-pocket
costs. (Note: Plan F is no longer available to new enrollees after January 1, 2020, but
those who already have it can keep it.)
- Plan G: Very similar to Plan F, but doesn't cover the Part B deductible.
- Plan N: Offers good coverage with lower premiums than Plans F and G, but you'll have
to pay some copays and coinsurance.
Choosing a Medicare Supplement Plan:
Consider your healthcare needs, budget, and desired level of coverage when selecting a plan.
It's also important to compare premiums from different insurance companies, as they can vary
significantly.
Remember: There's a Medigap Open Enrollment Period when you first become eligible for
Medicare, during which you can enroll in any Medigap plan without medical underwriting. After
this period, you may be subject to medical underwriting and could be denied coverage or
charged higher premiums based on your health.
