Monday - Friday: 9:00 am - 6:00 pm
Connect with us:

Medicare Supplement

Medicare Supplement insurance, also known as Medigap, is a private insurance policy designed to complement Original Medicare (Part A and Part B). Medigap plans are specifically structured to help cover the “gaps” in Medicare coverage, such as deductibles, copayments, and coinsurance, which can result in substantial out-of-pocket costs for beneficiaries. A Medicare Supplement policy does not cover prescriptions, dentist visits, eyewear, or hearing aids.

Here are key points to understand about Medicare Supplements:

  • Standardized Plans: Medigap plans are standardized by the federal government, which means that Plan A from one insurance company offers the same coverage as Plan A from another company. There are ten different standardized plans, labeled with letters (A, B, C, etc.), each offering a different combination of benefits.
  • No Network Restrictions: Unlike Medicare Advantage plans, Medigap plans typically allow beneficiaries to see any doctor or specialist who accepts Medicare. There are no network restrictions, providing flexibility and choice in healthcare providers.
  • Monthly Premiums: While Medigap plans generally have higher monthly premiums than Medicare Advantage plans, they often result in lower out-of-pocket costs when healthcare services are used. This can make them a cost-effective option for individuals who expect frequent medical care.
  • Guaranteed Issue Rights: There are specific enrollment periods and guaranteed issue rights for Medigap plans, during which insurance companies cannot deny you coverage or charge you higher premiums due to pre-existing conditions.
  • Stability and Predictability: Medigap plans offer stability and predictability in healthcare costs, making it easier to budget for healthcare expenses.
  • Not a Standalone Plan: Medicare Supplement plans do not provide standalone coverage. You must be enrolled in Original Medicare (Part A and Part B) to be eligible for a Medigap plan. Medicare Supplement plans cannot be used with Medicare Advantage plans, which are a different way to receive Medicare benefits.
  • No Prescription Drug Coverage: Medicare Supplement plans do not cover prescription drugs. If you want prescription drug coverage, you’ll need to enroll in a standalone Medicare Part D Prescription Drug Plan.
  • Renewability: As long as you pay your premiums on time, your Medicare Supplement Insurance is guaranteed renewable, meaning that the insurance company cannot cancel your policy as long as you continue to meet the terms of the contract.

Are you properly insured for those unexpected expenses?

Medigap is private insurance that fills the gaps in Medicare, like deductibles, copayments, and coinsurance. There are standardized plans labeled with letters offering different benefits. Unlike Medicare Advantage, there are no network restrictions. Monthly premiums are higher, but it often results in lower out-of-pocket costs. There are guaranteed issue rights and enrollment periods, where they cannot charge more due to pre-existing conditions.

Skip to content