Original Medicare does not cover all the health services you may need. To stay healthy and avoid unexpected out-of-pocket costs, you may want to consider Medicare Supplement insurance.

Read on to learn the highlights about Medicare Supplement insurance, and learn more details about Medicare Supplement here. 

What is Medigap?

• Medicare Supplement — also called Medigap — is insurance to fill coverage gaps in Original Medicare (Parts A & B).
• Medigap plans are offered by private companies, not the government like Original Medicare.
• Medigap covers some copays, coinsurance, deductibles that Original Medicare doesn’t
• Medigap is not the same as Medicare Advantage (Part C)

Why Medicare Supplement may be the right choice

Original Medicare leaves about 20% of anticipated costs uncovered. With a Medicare Supplement Insurance plan, you’re protected from having to pay unexpected medical bills. These plans also give you peace of mind knowing that you won’t have to pay beyond a defined out-of-pocket amount for your health care.

Benefits of enrolling in Medicare Supplement Insurance

There are many reasons why you should consider enrolling in Medicare Supplement Insurance — here are just a few.

• Guaranteed renewals. As long as you pay your premiums by their due dates, your coverage will continue year after year. The only way your plan can be canceled is if you don’t pay your premium or if you misrepresent your health on your enrollment forms. 
• Standardized coverage. Each private company’s offerings are nearly identical, making it easy to understand and compare Medigap plans.  The primary difference is the premium you’ll pay. 
• Free from provider network limitations. If a hospital accepts Medicare, it’s required by law to accept your Medigap coverage, no matter which plan you have or where you are. This is especially helpful if you’re traveling and need health care.

What are the standardized Medigap benefits?

All of the Medicare Supplement plans have to include the same basic benefits — it doesn’t matter which insurance company you pick. The basic benefits include:

• Paying for up to 12 months of care after your Medicare benefits are exhausted
• Copayments or coinsurance for hospice care 
• Medicare Part B coinsurance and copayments too

When can you enroll in Medigap?

You can enroll in Medigap coverage any time after you’re enrolled in Original Medicare. When possible, we recommend if you are going to enroll, do so during your Initial Medigap Enrollment Period (also called the Medigap Open Enrollment Period). 

• This enrollment window starts on the first day of the month that you have Part B coverage after you turn 65. 
• During your Medigap open enrollment period, you can buy any policy the company sells for the same price as people without pre-existing conditions.
• If you enroll in Medicare Supplement after this period, you’ll be subject to underwriting. 

How to pick a Medigap plan

Finding the right Medicare Supplement plan can be a challenge. Instead of trying to figure it out on your own, work with our SmartMatch licensed insurance agents. We can help you compare Medigap programs side-by-side to find the best rate in your area and a plan that suits your coverage needs and your budget. To learn more, contact us today.

Types of Medicare Supplement 

There are 10 Medicare Supplement plan types, and each is assigned a letter name. 

• If you choose to enroll in Medigap coverage, you have to choose one of the 10 plans.
• Most states have access to all 10. 
• They include A, B, C, D, F, G, K, L, M, and N. 
• You can only enroll in Plan C or Plan F if you were eligible for Original Medicare on or before January 1, 2020. 
• Anybody who’s eligible for Original Medicare can enroll in Plan A, B, D, G, K, L, M, or N.

What coverage levels do Medicare Supplement plans offer?

Each Medicare Supplement plan has standardized requirements for coverage under federal law. Three plans are high-deductible coverage options. Those deductibles range from $2,340 to $5,880 per year. This means that the plan won’t pay for any services until you’ve spent that much out of your pocket. 

See coverage under each plan in our Comparison Chart.