Medicare Supplement Insurance
Medicare Supplement Plans (Medigap)
A Medicare Supplement Insurance policy helps fill in the gaps of “original Medicare” coverage. It is sold by private insurance companies.
These types of policies are standardized (they offer the same benefits), with each of the 10 plans identified by letters A through N. (Massachusetts, Minnesota, and Wisconsin offer policies in a different way.)
They are usually worth the price, but make sure you choose the right plan for your needs; Plan N has the most coverage, Plan A has the least. The costs for Medigap policies can vary widely. Make sure you make a side-by-side comparison of health insurance companies with the same lettered plan. Also, ask how you can qualify for a discount (women, non-smokers, paying electronically, etc…)
What Medigap Doesn’t Cover:
- Long-term care
- Hearing aids
- Prescription drugs
What You Need To Know:
- Apply for a Medigap policy when you are first eligible (during open enrollment, when you enroll in Part B) because at that point you can buy any policy, even if you have health problems. If you apply for coverage after the open enrollment period, you will be subject to medical underwriting, which means the health insurance company can deny you coverage.
- You can’t be sold a Medicare Supplement Insurance plan if you’re already a member of a Medicare Advantage plan (Part C).
- Ask if you qualify for a discount (women, non-smokers, paying electronically, etc…).
Medicare Supplement Plan Providers:
- Blue Cross Blue Shield Medicare Supplemental Insurance
- Secure Horizons
- Humana Medicare
- Aetna Medicare Supplements