Medicare Supplement Plans
Medicare Supplement Plans (also known as Medigap) are insurance plans that assist in covering coinsurance and copayments Original Medicare leaves for you.
There are ten different plans (not including high-deductible versions), each designated with a different letter between A and N.
Medicare Supplements are standardized, which means a plan of the same letter from any insurance company must have the same coverage. The only difference between companies is the premium you pay. That’s why having an independent broker like Medicare Plan Saver is essential. We shop your plan with lots of insurance carriers to make sure you’re getting the best price possible.
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What do Medicare Supplement plans cover?
Medigap plans cover coinsurance and copayments Original Medicare leaves you to pay.
How it works:
- You pay your monthly premium for your Medicare Supplement plan
- After your doctor or hospital visit Medicare pays its share
- Medicare then sends the bill to your Medigap plan provider and it pays based on the terms of your plan
- If anything is left, you pay the remainder
Each plan will cover a different percentage of:
- Coinsurance (some Supplement plans have you pay a copay instead of the 20% coinsurance)
- Medicare deductibles
- Hospital costs after you run out of Medicare-covered days
- Skilled nursing facility costs after you run out of Medicare-covered days
- Part B excess charges
- Blood transfusions
When can I enroll in a Medicare Supplement plan?
Once your Part B plan becomes effective after your initial enrollment period, you can enroll in a Medigap plan.
During the six months after your Part B effective date, you’ll have guaranteed issue rights to enroll in a Medicare Supplement.
This means you’ll be guaranteed acceptance and premiums will not be affected by your health.
After that, you may still be able to get a plan, but your acceptance and premiums will be based on your health.
Which Medicare Supplement plan is best?
What Medigap plan best fits your needs and budget varies from person to person, but there are two plans that offer the most comprehensive coverage.
Which one you qualify for depends on when you turned 65.
If you turned 65 before January 1, 2020, the most comprehensive coverage is offered by Medigap plan F.
It covers 100% of:
- Medicare Part A coinsurance or copayment and hospital costs
- Medicare Part B coinsurance or copayment
- First three pints of a blood transfusion
- Part A hospice care coinsurance or copayment
- Skilled nursing facility coinsurance
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
And it also covers 80% of a foreign travel emergency.
However, those who turned 65 after January 1, 2020 can no longer purchase Plan F or C because of the Medicare Access and CHIP Reauthorization Act of 2015 which says Medigap plans can no longer cover Medicare Part B’s deductible.
Now the most comprehensive coverage is plan G. It covers 100% of everything plan F does other than Part B’s deductible.