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Medicare Supplemental Insurance Plan?
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What does Medicare Supplement, or Medigap, mean?
Medicare Supplement Insurance, also called Medigap, is insurance sold by private insurance companies to fill in the “gaps” in Original Medicare. Original Medicare (Medicare Part A and Medicare Part B) are federally covered and provided insurance policies designed to pay for most, but not all, of the cost of health care services and supplies you might need. A Medigap insurance policy can help you cover some of the remaining costs not covered by Medicare Part A and Medicare Part B.
Medicare Supplement Insurance Services to Help You Find Suitable Policies to Meet Your Needs
At Compsured Insurance, we want to help you find Medicare Supplement Insurance plans that suit your needs. Medicare is complex and understanding the different parts and plans can get overwhelming. We ensure you get the chance to make the most well-informed decision.
Medicare Supplement Insurance, or Medigap, is separate from Medicare Part A and Medicare Part B (combined to form Original Medicare). It is important to note that Medicare Supplement Insurance is not the same as Medicare Advantage.
Medicare Advantage vs. Medigap
Medicare Part A and Medicare Part B covers many health care expenses, but it does not cover everything. Even among the services covered by Original Medicare, you might be liable to pay out-of-pocket for copayments and deductibles – costs that can add up to make a significant amount. Original Medicare also does not cover several other costs, like prescription drugs or overseas emergency health services. If you only have Original Medicare, you will most likely need to purchase private insurance policies that can minimize your out-of-pocket expenses.
Many people enroll in two different types of plans to cover these gaps in their insurance coverage:
- Medicare Advantage plans, which are an alternative to access Original Medicare
- Medicare Supplement Insurance, or Medigap Insurance, which are insurance plans that work alongside Original Medicare coverage
Medigap Insurance, like Medicare Advantage, is designed to help you pay for some of your health care not covered by Original Medicare. However, there are several clear differences between the two types that you should know.
Medigap Insurance plans are not an alternative to Original Medicare. Rather, these are insurance policies sold by private insurance companies to “supplement” Medicare Part A and Medicare Part B to cover certain expenses not covered by Original Medicare. You cannot get Medicare Supplement Insurance as standalone coverage. You must already have Original Medicare (Part A and Part B) coverage to enroll for Medicare Supplement Insurance Plans.
Medicare Supplement InsuranceWhen you purchase a Medigap Insurance plan, you remain enrolled in Original Medicare, which pays for most of your health care bills. The Medicap plan will cover certain cost-sharing payments like: ● Copayment ● Coinsurance ● Deductibles You might get help covering other health care costs not covered by Original Medicare, such as emergency medical expenses when you are in another country or excess charges for Medicare Part B. You can only use Medigap plans to pay for Original Medicare expenses — you cannot use them with Medicare Advantage plans. | Medicare Advantage InsuranceLike Medigap Insurance, Medicare Advantage plans are provided by private insurance companies. However, Medicare Advantage plans work as an alternative to Original Medicare instead of a supplement for Medicare Part A and Medicare Part B. When you enroll in a Medicare Advantage plan, you get Medicare benefits through the Medicare Advantage insurance instead of through the federally administered program. Medicare Advantage effectively replaces your Original Medicare insurance because Medicare Advantage plans get you all the different Medicare Parts in the form of one plan for all your medical and hospital services. |
Explore Different Types of Medigap Insurance Plans
Medigap Insurance plans are separate policies that supplement your coverage from Original Medicare Part A and Part B. The insurance plans are designed to minimize your out-of-pocket expenses by paying for the costs of qualifying health care services covered by Original Medicare.
Medicare Supplement Plans can be sold all year round and have open enrollment for T65 or under 65, alongside guaranteed acceptance in some circumstances. Medicare Supplement Insurance plans are sold by private insurance companies but the benefits of each plan are determined by the government. It means that the benefits of each Medigap plan will be similar across different carriers.
There are 10 Medigap Insurance, namely A, B, C, D, F (F*), G (G*), K, L, M, and N. Medigap Plans F and G have high deductible variants as well. It is important not to confuse Medigap Insurance Plans with different Medicare Parts, which are also named alphabetically. The different Medigap Insurance plans range from policies that offer basic coverage to those that offer a significant degree of coverage. Working closely with a qualified insurance agent to understand your health care needs and your budget can be critical when choosing suitable Medigap Insurance plans.
Popular Medicare Supplement Plans
There are 10 Medicare Supplement Insurance plans, ranging from A to N, offering various coverage levels. However, a few Medigap Insurance plans have become the most popular options due to the convenience they offer. Let’s give you a quick overview of the most popular Medicare Supplement Insurance Plans:
Medicare Supplement Insurance Plan F
Medigap Plan F is the most comprehensive Medicare Supplement plan among the 10 offered in most states. The insurance plan helps you cover Medicare deductibles and all the out-of-pocket expenses for coinsurance and copays. Getting Medigap Plan F effectively leaves you with no out-of-pocket expenses. However, Medigap Plan F is only available to those who became eligible for Medicare before January 1, 2020, or those who had Medicare Supplement Insurance before January 1, 2020.
Medicare Supplement Insurance Plan G
Medigap Plan G is the most popular supplement for Baby Boomer clients. It offers comprehensive coverage, much like Medigap Plan F, which is no longer available to people qualifying for Medicare after January 1, 2020. Plan G requires you to pay an annual deductible but offers full coverage in all the gaps in Original Medicare, including the 20% that Medicare Part B does not cover.
Medicare Supplement Insurance Plan N
Medigap Insurance Plan N is a Medicare supplemental insurance policy that typically comes with lower premiums while you pay for your Medicare Part B excess charges, deductible, and a few copays for emergency visits and doctor visits. Medigap Plan N was created for consumers who want to pay lower premiums in exchange for annual deductibles and a few copayments.
Medicare Supplement Insurance Plan G
Medigap Plan G is the most popular supplement for Baby Boomer clients. It offers comprehensive coverage, much like Medigap Plan F, which is no longer available to people qualifying for Medicare after January 1, 2020. Plan G requires you to pay an annual deductible but offers full coverage in all the gaps in Original Medicare, including the 20% that Medicare Part B does not cover.
Medicare Supplement Insurance Plan N
Medigap Insurance Plan N is a Medicare supplemental insurance policy that typically comes with lower premiums while you pay for your Medicare Part B excess charges, deductible, and a few copays for emergency visits and doctor visits. Medigap Plan N was created for consumers who want to pay lower premiums in exchange for annual deductibles and a few copayments.
Medicare Supplement Open Enrollment
Qualifying for Medigap Insurance means being eligible for Original Medicare and being enrolled in the programs. To qualify for Original Medicare, you must be 65 years old, have a qualifying disability, and receive Social Security Disability Insurance for at least 24 months, or if you have certain qualifying diseases like ALS or End-Stage Renal Disease.
The Medicare Supplement Open Enrollment period is a six-month window when it is ideal for you to buy a Medigap policy. The Medicare Supplement Open Enrollment period begins on the first day of the month you turn 65 years old and are already enrolled in Part B of Medicare. Some states may offer additional Open Enrollment Periods, including those for people under 65 years old. The open enrollment periods are the ideal time to purchase Medigap Insurance policies because insurance companies cannot deny you policies during this period based on your medical condition or health status.
Guaranteed Issue Rights for Medigap Insurance
Medigap Insurance policies can be sold all year round, but trying to purchase them outside the Medicare Supplement Open Enrollment period means you might not be guaranteed to get approval for the plan you want to purchase. However, Guaranteed Issue Rights may allow you to purchase certain Medigap policies in situations falling outside the open enrollment period. Some of the situations that can grant you guaranteed issue rights for Medigap include:
- You joined Medicare Advantage at 65 but want to switch to Original Medicare within a year of joining, for instance, if you dropped a Medigap Policy to join a Medicare Advantage Plan for the first time.
- You have moved out of the service area for your Medicare Advantage plan or the plan shuts down.
- Any employment plan supplementing your Medicare coverage ends.
- Your existing Medigap plan shuts down.
How to Choose a Medicare Supplement Plan
When it comes to choosing Medicare Supplement Insurance, there is never a one-size-fits-all solution. Choosing the right Medigap Insurance plan for yourself depends on your health care needs and budget. Most states offer 10 Medigap Insurance plans, and the basic benefits are similar for each type, no matter where you purchase it from.
As you research Medicare Supplement Insurance plans that meet your needs, here are a few questions you can consider:
- Do I need basic or comprehensive coverage?
- Is there a specific out-of-pocket expense I will need help with?
- Do I need help with Part B excess charges?
- Do I want a high-deductible plan?
- Am I traveling out of the country often? Does that mean I will need overseas coverage?
The right Medigap Insurance plan for you can be different depending on your coverage needs and budget. Answering these questions might help you understand your needs. You can use that information to browse the different plans to see their costs and whether the benefits they offer align with your coverage requirements.
Remember that Medicare Supplemental Insurance plans are not Medicare Advantage plans and do not cover prescription drugs.
