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Medicare Supplement plans help cover costs that Original Medicare doesn't pay. These plans work alongside your Medicare Part A and Part B coverage to reduce your out-of-pocket expenses.
Medicare Supplement plans (also called Medigap) are insurance policies sold by private companies to fill the "gaps" in Original Medicare coverage. These gaps include deductibles, copayments, and coinsurance that would otherwise be your responsibility.
When you have a Medicare Supplement plan:
Medicare Supplement plans are standardized with letter designations (A through N). Each plan letter offers the same basic benefits regardless of which insurance company sells it, though prices may vary between companies.
You're eligible for Medicare Supplement insurance if:
Your Medigap Open Enrollment Period lasts for 6 months and starts the first month you have Medicare Part B and are 65 or older. During this period, you can:
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Federal law doesn't require insurance companies to sell Medigap policies to people under 65, though some states have additional protections. Check with your State Insurance Department about your rights under state law.
The best time to enroll is during your Medigap Open Enrollment Period. This six-month window begins when:
Outside this period, you may have guaranteed issue rights in specific situations, such as:
Many people confuse Medicare Supplement and Medicare Advantage plans, but they're fundamentally different:
All Medicare Supplement plans cover certain basic benefits, but each plan offers different levels of coverage:
Plan G has become one of the most popular Medicare Supplement options for good reason. It offers comprehensive coverage with predictable costs.
Plan N offers substantial coverage at a lower premium than Plan G, making it an excellent value for many beneficiaries.
With Plan N, you'll pay:
The choice between Plan G and Plan N depends on your healthcare needs and budget:
High deductible versions of Medicare Supplement plans offer lower monthly premiums in exchange for a higher initial out-of-pocket cost.
High Deductible Plan G
Key features:
Who should consider High Deductible Plan G:
High Deductible Plan G
High Deductible Plan F is only available to those eligible for Medicare before January 1, 2020.
Key features:
When selecting a Medicare Supplement plan, consider:
Remember that the best time to enroll is during your Medigap Open Enrollment Period when you have guaranteed issue rights.
Next Steps
To get the right Medicare Supplement plan:
Medicare Supplement plans provide valuable protection against unexpected healthcare costs. By understanding the differences between plans and choosing the one that best fits your needs, you can enjoy the peace of mind that comes with comprehensive coverage.
Before he became the go-to guru for government benefits on his YouTube channel, MyGovExpert, Dr. Ed was a District Manager for the Social Security Administration. That's right, he wasn't just reading the rulebook; he was living it, managing the folks who make the decisions. If you've ever felt like SSA speaks a different language, Dr. Ed is your translator. He's seen it all, heard it all, and now he's here to share that invaluable insider experience with you, cutting through the red tape with a healthy dose of common sense (and maybe a terrible joke or two).
But his journey didn't start there. Long before navigating bureaucratic hall ways, Dr. Ed served his country with distinction as a Sergeant in the United States Marine Corps. Semper Fi! That discipline and commitment to service are still a core part of who he is today.
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With a PhD to his name and a wealth of real-world experience, Dr. Ed Weir isn't just an expert; he's your expert. He's passionate about helping people understand their benefits and get what they're entitled to. So, if you're looking for some one who can explain complex government stuff in plain English, with a bit of humor and the authority that only comes from having been there, you've found your guy.
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