Medicare Supplement Insurance or Medigap Plans

Medicare Supplement o Medigap plans are state regulated standardized insurance plans designated from Pan A to Plan N, define gaps that are not covered by Part A and Part B of Original Medicare and are left to you as your share of cost to pick up. Insurance companies offer supplement insurance or Medigap plans to cover these gaps in coverage of Original Part A and Part B insurance at different risk levels and corresponding premiums. These defined risk coverages are standardized, but the underwriting of existing conditions is not.

Medicare guarantees you the right to buy any Medicare supplement policy available where you live during six months after you turn 65 and enroll in Part B. During this period, the insurance carrier cannot consider your medical history or current health in setting premium. However, the insurer may make you wait for six months before coverage begins for illness called pre-existing condition. Every insurer will have variations of their underwriting standards, premiums, and places where these plans are offered.

Features of Medicare Supplement Plans

 All plans have different itemized levels of coverages on deductibles and coinsurance. Note the ceilings of out-of-pocket expenses before plan picks up 100%.  Click here to see features of these standardized Medicare Supplement plans.

Comparison of Medicare Supplement with Medicare Advantage Plans

Click here for comparative features of Medicare Supplement plans with Medicare Advantage plan.

What should I know more before I decide to buy? 

• Must have Part A and Part B of the Medicare.
• You pay the private insurance company a monthly premium for the plan you decide to buy.
• Enroll in Part D of the Medicare for purchase of stand-alone Prescription Drugs plan.
• Compare the cost of premium between private companies for same plan.
• For enrolled after January 1, 2020, Part B deductible coverage is not available. Due to this restriction, Plan C and Plan are not available such enrollees.
• For initial enrollment, a period of six month after you turn 65 is available. No underwriting during this period.
• You cannot have Medicare Supplement policy concurrent with Medicare Advantage policy.
• If you are not happy with Medicare Advantage Plan, you may return to Original Medicare within eligible enrollment and disenrollment periods and buy Medicare Supplement plan, which will be underwritten.