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What is a Medicare Supplement (Medigap) Plan?
Original Medicare, Parts A and B, pays for many of your health-care services and supplies, but it doesn’t pay for everything. That’s why you may want to consider getting a Medicare Supplement insurance policy, also called Medigap. A Medigap policy is sold by private insurance companies. These plans help pay some of the hospital and medical costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and yearly deductibles. Some Medigap policies also help pay for a few services that Original Medicare doesn’t cover. Basically, a Medigap policy fills the “gaps” in Original Medicare coverage.
Here Are Some Common Questions
What does a Medicare Supplement insurance plan cover?
Policies help pay for Medicare Part A & B deductibles, co-payments, and co-insurance. Some policies also include coverage for certain health services not covered by Medicare.
What are my plan options?
In most states, there are 10 standardized plan options. Plan F is the most popular option and is the only one that includes all 9 Medigap benefits. (see chart below)
How are plans priced?
Insurers can charge you different prices based on the type of plan you buy. Your health status may also affect your prices if you are outside of your open enrollment period.
Is Medicare Supplement insurance the same as a Medicare Advantage plan?
No. Medicare Supplement insurance policies help cover Medicare Part A & B out-of-pocket costs. Medicare Advantage Plans are an alternative way to get your Medicare coverage and, in some cases, additional benefits.
When can I buy a Medicare Supplement insurance policy?
Any time after you are enrolled in Medicare Parts A & B. You do not have to wait for Open Enrollment to buy a policy. The best time to buy is in the first 6 months after you are both 65 years old and enrolled in Medicare Parts A & B.
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