Medicare Supplements

What is a Medicare Supplement? A Medicare Supplement or Medigap plan is one that compliments Original Medicare to cover many of the costs that Original Medicare does not such as the Part A deductible, copayments and coinsurances. These plans are offered through private insurance companies but are standardized through Medicare so you get the same benefits regardless of company but rates may vary.

What are the different Medicare Supplement plan options? Medicare Supplement plans are labeled by letter from A to N. As of 2020, plan F is no longer available to new enrollees with limited exceptions. Plan N and G are popular alternatives.

Who is Eligible for Medigap? In order to be eligible you must have Medicare Part A and B and the best time to enroll is during the 6-month Medigap Open Enrollment period the month you have Part B and are 65 or older. During this time you will have guaranteed issue but outside of it, medical underwriting may be required (This means there could be medical questions and you could be denied based on pre-existing conditions if you do not enroll during your 6-month Medigap Open Enrollment period).

How does a Medigap plan compare to a Medicare Advantage plan? Medigap plans usually come with a higher monthly premium than Medicare Advantage plans and lower out-of-pocket costs. Medigap plans are also accepted anywhere in the nation that accepts Original Medicare whereas Medicare Advantage plans can have network restrictions. Please note that you cannot have a Medigap plan and a Medicare Advantage plan simultaneously.

How are costs figured? Costs for Medigap plans can vary by plan and insurance company. These costs are community-rated, issue-age-rated and attained-age-rated. Reach out to us for a FREE quote.

Reminder: Medigap plans do NOT cover prescription drugs, so a Prescription Drug Plan will be needed separately.