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Medicare Supplements

Medicare supplements were created to help cover the costs that remain after Original Medicare has paid their portion. They’re also referred to as Medigap plans because they fill in the “gaps” of Original Medicare. Medicare supplements can help pay for deductibles, copayments, and coinsurance costs.

What are Medicare Supplements?

Medicare supplements, also known as Medigap plans, were designed to assist with expenses that remain uncovered by Original Medicare. These plans bridge the gaps in coverage left by Original Medicare, providing coverage for expenses such as deductibles, copayments, and coinsurance costs.

Medicare Supplements are Standardized Insurance Plans

Medicare Supplements, also called Medigap plans, serve as a secondary coverage option to Original Medicare. These plans provide coverage for the remaining costs after Parts A and B have paid for medical services. Medicare Supplement plans are accepted by medical providers if they accept Medicare assignments.

Medigap plans are only available for individuals and cannot be shared between spouses. However, some insurance companies offer household discounts for couples who are enrolled in the same plan with the same carrier.

The benefits of a Medicare Supplement plan vary based on the specific plan chosen. Benefits may include coverage for coinsurance costs, inpatient and outpatient deductibles, extended hospital stays, hospice care, blood transfusions, and more.

Determining Medicare Supplement Premiums

The cost of Medicare Supplement premiums varies depending on the insurance company and the state in which an individual resides. The cost of the same plan may differ in different states. Monthly premiums for Medigap plans range from around $50 to $300, depending on the specific plan chosen. Several factors can impact an individual’s monthly premium. However, Medicare Supplements can help beneficiaries avoid high medical expenses.

Medigap Eligibility & Enrollment

Individuals who have enrolled in Medicare Parts A and B are eligible to apply for a Medigap plan. Eligibility for Medicare includes individuals who are 65 years old, have been receiving social security disability benefits for 24 months, or have been diagnosed with ALS or ESRD.

The optimal time to enroll in a Medigap plan is during an individual’s Open Enrollment Period, which commences on the effective date of Part B. During this time, an individual has guaranteed issue rights to a Medigap policy. If they enroll outside of this window, they may still apply for a policy, but they usually will not have guaranteed issue rights, which could result in denial of enrollment in a plan.

Which Insurance Companies Sell Medicare Supplements?

Numerous insurance carriers offer Medicare Supplement plans. Well-known carriers like Aetna, Anthem, Cigna, Blue Cross Blue Shield, Humana, Mutual of Omaha, and United Healthcare provide Medigap plans, as do some smaller insurance companies. Availability of carriers may vary by state.

How to Compare Medigap Plans

While there is abundant information available online regarding each Medigap plan, obtaining an accurate quote necessitates enlisting the assistance of a licensed Medicare agent. Rather than calling each insurance carrier for a quote, we can compare premiums across numerous carriers to ensure you enroll with the one that offers the best rate. Since premiums are based on your information and health history, we will require some information from you to provide quotes.

Choosing a Medicare Supplement

There is a lot of information about each plan online, but to get an accurate quote, you’ll need to enlist the help of a licensed Medicare agent. Instead of calling each insurance carrier to get a quote, we can compare premiums across many different carriers, ensuring that you enroll with one that gives you the best rate. We’ll need to collect some information from you in order to provide quotes since your premium is based on your information and health history, but our services come at no additional cost to you!

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