Medicare Supplement Plans

Medicare Supplement Plans, or Medigap, help lower your out of pocket expenses. They fill in the gaps of what Medicare doesn’t cover. You get the best Medicare supplement plans from private insurance companies, and you are free to shop around to find the best rates. Supplement plans help cover copayments, coinsurance, and deductibles.

Compare Medicare Supplement Plans

All Medicare supplement plans must follow federal guidelines and regulations. You’ll find supplement plans indicated by letters from A – N. Each plan has standardized coverage required by law, plus its own coverage options. As of January 1, 2020, plans C and F are no longer available to new enrollees. However, those eligible for Medicare before January 1, 2020, may still enroll in them. 

What if you Have Medicare Advantage Plans?

If you enroll in Medicare Advantage Plans, your Medigap policy won’t work, as it doesn’t cover coinsurance, copayments, or deductibles for Medicare Advantage Plans. If you enroll in Medicare Part C, it makes sense to cancel your Medicare Supplement Plan to avoid overpaying for unnecessary insurance.

Be careful, though, as it’s difficult to switch back from a Medicare Part C plan to standard Medicare with a gap policy. It’s important to have a knowledgeable insurance representative helping you through the ins and outs of Medicare when switching policies to ensure that you don’t lose any valuable coverage or rights.

How Medicare Supplement Plans Work

To enroll in a Medicare Supplement plan, you must:

  • Enroll in Medicare Part A and Part B
  • Pay your monthly premium to the private insurance company that issued the Medigap policy. This is in addition to your Medicare Part B premium.

If you have a Medigap policy, your doctor will first bill your Original Medicare policy. The doctor will then bill any remaining amount to your private insurance company that issued the Medigap policy. You may still owe some money out-of-pocket, depending on your coverage.

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What you Should Know about Medicare Supplement Plans
  • Medigap only covers one person. If you’re married and you’re both on Medicare, you need separate Medigap policies.
  • You can buy a policy from any insurance company of your choice as long as they’re licensed to sell in your state.
  • Your Medigap policy cannot cover prescription drugs.
  • You can automatically renew your policy even if your health conditions change.
  • You cannot carry Medicare Supplement Plans and Medicare Part C. 

We'll Help you Choose your Medicare Supplement Plans

We know how confusing this can be. Do you need a supplement plan, or don’t you? At Senior Insurance Representatives, we are here to help you figure it out. Don’t navigate the process alone. There are too many penalties and expenses that you could avoid with the right information.