Medicare Supplement Plans

Navigating Medigap: A Guide to Medicare Supplement Plans

Medicare, while a valuable program, doesn't cover all healthcare costs. This is where Medigap plans come in.

What are Medigap Plans?

Officially known as Medicare Supplement Insurance: These plans are sold by private insurance companies to help fill the gaps in Original Medicare (Part A and Part B) coverage.

The Plans are Standardized: Medigap plans are standardized by letter (A-N), making it easier to compare coverage. Plan G is Plan G. The coverage is exactly the same. The difference is in the cost set by each company.

Medigap plans typically help cover:

• Hospital deductibles and coinsurance
• Doctor's visits
  

Who is Eligible for Medigap?

• You must be enrolled in both Medicare Part A and Part B.
• Eligibility rules vary by state.

Key Considerations When Choosing a Medigap Plan:

• Your budget: Premiums vary significantly between plans.
• Your healthcare needs: Consider your expected healthcare utilization and choose a plan that aligns with your needs.
• Compare plans carefully: Use the standardized plan letters to easily compare coverage and costs.
• Consult with an insurance agent: An independent agent can help you understand your options and choose the best plan for you.

Important Notes:

• Medigap plans do not cover long-term care, prescription drugs, or vision/dental care.
• If you would like to enroll in a Medigap plan, you have a Guarantee Issue period which is in the six months after you first enroll in Medicare Part B.

Medigap can be a valuable option for individuals who:

• Want to minimize out-of-pocket costs
• Prefer predictable healthcare expenses
• Want to maintain flexibility in choosing doctors and hospitals