What is a Medicare Supplement (Medigap)

Medicare Supplement plans, also referred to as Medigap plans are private health insurance policies that help to cover the costs of your healthcare that Medicare does not.    Medigap plans help you pay for things like deductibles, co-payments, and coinsurances. 


 
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Medigap Plan Types

There are 10 different Medigap plans available to choose from. Each plan is identified by a letter, plans that start with the same letter offer the same benefits regardless of the insurance company the plan is purchased from. It is important to keep this in mind when shopping for your supplemental coverage insurance companies can charge different premiums for the EXACT SAME coverage. The only difference between Medigap policies with the same letter sold by different insurance companies is the COST. For example, a Plan G from Aetna is the same Plan G that Mutual of Omaha sells.

In the chart below you can compare benefits and see what plan fits your needs best.


Medicare Supplement Insurance (Medigap) Plans

BENEFITS A B C D F G K L M N
Medicare Part A coinsurance and hospital cost (up to an additional 365 days after Medicare benefits are used) icon icon icon icon icon icon icon icon icon icon
Medicare Part B coinsurance or copayment icon icon icon icon icon icon 50% 75% icon icon
Blood (first 3 pints) icon icon icon icon icon icon 50% 75% icon icon
Part A hospice care coinsurance or copayment icon icon icon icon icon icon 50% 75% icon icon
Skilled nursing facility care coinsurance icon icon icon icon icon icon 50% 75% icon icon
Part A deductible icon icon icon icon icon icon 50% 75% 50% icon
Part B deductible icon icon icon icon icon icon icon icon icon icon
Part B excess charges icon icon icon icon icon icon icon icon icon icon
Foreign travel emergency (up to plan limits) icon icon 80% 80% 80% 80% icon icon 80% 80%
  • Plan F: In general, Plan F covers 100% of covered Medicare services. However, Plan F is also offered as a high-deductible plan by some insurance companies in some states. If you choose this option, this means you must pay for Medicare-covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,300 in 2019 before your policy pays anything.
  • Plan G: You must meet the yearly Part B deductible ($185 in 2019). Plan G then pays 100% of covered services for the rest of the calendar year.
  • Plan N: You must meet the yearly Part B deductible ($185 in 2019), a copayment of up to $20 for some office visits, and up to $50 for emergency room visits. Plan N then pays 100% of covered services for the rest of the calendar year.

How Does Medicare Supplement Work With Other Coverage?

Medicare Supplement (Medigap) plans work alongside Original Medicare Parts A and B to help fill coverage gaps, such deductibles, coinsurances and traveling abroad. These plans are also generally accepted at any hospital that accepts Original Medicare. There are no networks, pre approvals or plan restrictions to worry about.

Unlike some other senior healthcare options, you have the freedom to enroll in or change your Medigap policy at any time throughout the year. And because Medigap policies are guaranteed renewable, you cannot lose coverage if you develop a serious health condition. This means you’re protected year after year, no matter what.


Advantages of Medicare Supplement Coverage

  • Freedom to choose your own doctors and hospitals

  • No referrals required to see a specialist

  • Predictable out-of-pocket expenses for Medicare-covered services (and zero out- of-pocket with Plan F)

  • Guaranteed renewability - the insurance company can never drop you or change your coverage due to a health condition

  • You must have Part A and Part B to buy a Medigap policy.

  • Medicare supplement plans cover only one person. Your spouse must have his or her own individual policy.

  • The annual election period in the fall is for drug plans. It does not apply to Medicare supplements in any way.

  • Many carriers offer household discounts if two or more people enroll in Medicare supplemental plans from the same company

  • Nationwide coverage - you can use it anywhere in the United States

  • Plans do not include Part D, so you’ll add a separate standalone Part D drug plan

  • No claims paperwork - Medicare supplement companies have crossover filing with Medicare.


Senior Market Solutions Can Help Find the Right Plan

Buying Medigap supplemental insurance has a lot to do with knowing when and how to buy. We break down the different situations that affect buying a policy to help you better identify where you fit.

Personalized assistance is offered in person or over the phone, online or in office. Call us today at 1-800-784-8969 for the most up to date plan information in your area.

 
 

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