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:
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.