Medicare Supplements
Medicare Supplements, also called Medigap plans, are policies that you can add to your Original Medicare to fill in the “gaps” in coverage. If you’re new to Medicare, you may be surprised that it only covers 80% of your Part B costs.
A Medigap plan pays after Medicare to help with your share — deductibles, copayments, and coinsurance — that you’d otherwise have to pay. There are many Medigap plans sold by private insurance companies nationwide. Our agents can help you find the right plan for your needs at the lowest rate possible.
What Are the Medicare Supplement Plans?
There are 10 standardized plans identified by a letter.
- Medigap Plan A
- Medigap Plan B
- Medigap Plan C
- Medigap Plan D
- Medigap Plan F
- Medigap Plan G
- Medigap Plan K
- Medigap Plan L
- Medigap Plan M
- Medigap Plan N
All of these policies provide the same benefits from carrier to carrier. However, a Plan A with one company may have a higher monthly premium than a Plan A with a different company. We can help you shop multiple companies for the best rate.
There’s also a high deductible version of Plans F and G available in certain areas.
Medigap Advantages
Your Medigap coverage is guaranteed renewable, meaning you can never be dropped for health reasons. Here are other advantages:
- Nationwide coverage
- You can choose your doctors and hospitals
- You don’t need a referral to see a specialist
- Avoid unplanned out-of-pocket medical costs throughout the year
Average Cost of Medigap
Pricing for Medigap policies will vary by state. Most companies base their rates on age, zip code, gender, and tobacco usage. Some folks may benefit from household discounts.
Medigap Eligibility
Medigap plans don’t replace your Part B coverage. You need to be enrolled in both Parts A and B; then you enroll in a Medigap plan. One more thing — you must live in the plan’s service area.
Medigap Enrollment
The best time to purchase a Medigap plan is during your open enrollment window. This is a one-time period that begins the month you enroll in Medicare Part B, or on the first day of your birth month — and lasts for six months.
During your Medigap open enrollment, the company can’t ask you medical questions and they can’t charge you extra money for having health conditions. They can’t turn you down, either. You have the freedom to choose any Medicare Supplement plan.
Once this window passes, the insurance company could accept or reject you based on health.
Is Medigap Insurance Optional?
Yes, supplemental insurance is optional. But if you don’t have it, you could take a huge financial hit. You’d be responsible for costly hospital deductibles and copays, plus 20% of the cost of all outpatient medical services — like chemotherapy and surgeries.
Is Medigap Insurance Right for Me?
It depends. Medicare Supplements are popular with those who want little to no copays when they receive healthcare services. If you buy a plan, you don’t have to stress about how much every medical visit will cost you. Not having the cost-sharing responsibility gives millions of seniors peace of mind.
Also, if you travel often, it might make sense to have supplemental insurance because you can use it anywhere in the U.S. Some plans will pay 80% for a foreign travel emergency (up to plan limits).
If you know you need supplemental insurance but aren’t sure which plan is best, you’re not alone. That’s where we come in.
Which Plan Should I Choose?
The most popular Medicare Supplements are F, G, N because of their coverage. Plan F is the most comprehensive, but it’s only available to those who became eligible for Medicare before January 1, 2020. Simple Retirement Benefits can help you compare plans to determine the best fit!
What Else Should I Know?
- Medigap plans only cover one person. Your spouse will have to buy his or her own policy.
- Medicare Supplements don’t cover standard dental, vision, or hearing services.
- You can drop your plan at any time.
- Medigap plans don’t include retail drug coverage. You’ll want to buy a standalone Part D plan for your medications.
For more information or to get Medigap quotes, please contact Simple Retirement Benefits.
