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Medicare Supplement / Medigap

Also, known as Medicare Supplement insurance are health insurance policies that offer standardized benefits that work with Original Medicare (not with Medicare Advantage). They are sold by private insurance companies.  Medicare Supplement policies cover health care costs not covered by Original Medicare (Part A & Part B); such as deductibles, copayments, and coinsurance.  Medigap/Supplement policies pay part or all of certain remaining costs after Original Medicare pays first. Some policies may include coverage for services that Original Medicare does not offer – like medical care when you travel outside the US or additional skilled Nursing facility coverage.

Medicare Supplement Insurance (MediGap) Plans

Depending on where you live and when you became eligible for Medicare, you have up to 10 different Medigap policies to choose from: A, B, C, D, F, G, K, L, M, and N (policies in Wisconsin, Massachusetts, and Minnesota have different names). Each policy offers a different set of standardized benefits, meaning that policies with the same letter name offer the same benefits. However, premiums can vary from company to company.

Things to consider:

  • There is a monthly premium for a Medicare Supplement policy – and you must have Part A and B to qualify. This premium is paid to the Insurance Carrier.
  • The standard benefits for Medicare Supplement plans are the same no matter which insurance company you buy your plan from. This is important to note because premiums for each carrier can vary.
  • With a Medicare Supplement policy – you are not subject to a plan network. You can go to any doctors who accept Original Medicare assignment! Anywhere in the USA!
  • The main enrollment period for a Medicare Supplement policy is within 6 months of signing up for Medicare Part B. This enrollment period gives you guaranteed acceptance.
  • In California there is the “Birthday Month Rule” where you can change your Medicare Supplement policy during your Birthday month WITHOUT UNDERWRITING!
  • You will need to buy a separate Medicare Part D Prescription drug policy
  • Medicare Supplement plan F is the most popular plan, but no longer available to beneficiaries who turn 65 after January 1, 2020.

How can we help you?

We can help you by laying out all of your options in a simple and easy to follow format. Choosing a Medicare Supplement / Medigap plan in itself is an easy decision but weighing up your options between Medicare Advantage vs. Medicare Supplement vs. Original Medicare does tend to get confusing and overwhelming. We are committed to taking the time to clarify and answer any questions you have. Helping you make the right Healthcare choice for YOU is our priority!

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