Medicare Supplement plans, also known as Medigap, are private health insurance plans that are designed to supplement Original Medicare. They can help pay for some of the costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.
There are 10 different Medigap plans, each with its own set of benefits. The plans are lettered A through N, with Plan A being the most basic plan and Plan N being the most comprehensive plan.
Medigap plans are available to anyone who has Original Medicare, regardless of income or health status. You can enroll in a Medigap plan during your Initial Enrollment Period, which is the 7-month period that starts 3 months before you turn 65 and ends 3 months after you turn 65. If you miss your Initial Enrollment Period, you may be able to enroll during a Special Enrollment Period if you have certain life events, such as moving to a new area, losing your job, or getting married.
It is important to compare Medigap plans carefully before you enroll. You can compare plans on the Medicare website or by talking to a Medicare counselor.
Here are some things to consider when comparing Medigap plans:
- Cost: Medigap plans have monthly premiums, which vary by plan and by your age. You may also have to pay copayments or coinsurance for covered services.
- Benefits: Medigap plans have different coverage levels. Some plans have broader coverage than others.
- Prescription drug coverage: Some Medigap plans include prescription drug coverage. If you take prescription drugs, you will need to make sure that the plan you choose includes the drugs you need.
- In-network vs. out-of-network: Medigap plans have networks of doctors and hospitals that you can use. If you see a doctor or hospital outside of your plan’s network, you may have to pay more for your care.
- Customer service: You’ll need to decide how important customer service is to you. Some Medigap plans have better customer service than others.
Once you have compared plans and chosen a plan, you will need to enroll in the plan. You can enroll in a Medigap plan online, by phone, or by mail.
If you’re not sure which Medigap plan is right for you, you can talk to a Medicare counselor. Medicare counselors can help you compare plans and choose a plan that meets your needs.
Medigap plans are a good option for many people with Medicare. Medigap plans can help you pay for some of the costs that Original Medicare doesn’t cover. If you’re considering a Medigap plan, be sure to compare plans carefully and choose a plan that meets your needs.
Here are some of the benefits of Medigap plans:
- Help with copayments and coinsurance: Medigap plans can help you pay for your copayments and coinsurance for covered services.
- Help with deductibles: Medigap plans can help you pay for your deductibles for covered services.
- Help with prescription drugs: Some Medigap plans include prescription drug coverage.
- No pre-existing conditions: Medigap plans cannot deny you coverage or charge you more because of your health history.
- Guaranteed issue: If you have Original Medicare, you can enroll in a Medigap plan regardless of your health status.
If you’re considering a Medigap plan, be sure to compare plans carefully and choose a plan that meets your needs. You can compare plans on the Medicare website or by talking to a Medicare counselor.