What are Medicare Supplements?

Medicare Supplements, otherwise known as Medigap Plans, are insurance policies sold by private insurance companies, which are designed to cover the “gaps” in original Medicare. Medicare Parts A and B cover 80% of your hospital and medical expenses. A Supplement policy will generally cover the remaining 20% of your hospital and medical expenses. Therefore, a Supplement Plan prevents you from having to pay the entire 20% of your medical expenses out of pocket.

Medicare Supplements greatly reduce the risk of getting into financial hardship due to medical bills during retirement. The exact amount of coverage you can get with a Supplement depends on the plan that you choose. There are 10 Medicare Supplement Plans to choose from.

The 10 Medicare Supplement Plans

Each one of the 10 Medicare Supplement Plans are indicated by a different letter. Plan A, B, C, D, F, G, K, L, M, and N. Each plan has different benefits. However, these plans are standardized by Medicare, which means no matter which private insurance company/carrier you purchase one of these plans from, it will have the same benefits. The only difference is the monthly premium cost for the plan. For Example, Medigap Plan G with Cigna will have the same benefits as Medigap Plan G with Aetna, the only difference may be the monthly premium cost.

How to choose a Medicare Supplement Plan?

To choose the right Supplement Plan for you, it is best to compare the 10 standardized Medigap plans. The most popular plan as of 2020 is Supplement Plan G, as it has the best coverage for the price.

Once you choose your Supplement Plan, you will need to choose the insurance carrier to get the Supplement through. When choosing the insurance carrier, it is important to compare a few factors:

  • The monthly premium cost of the Supplement Plan. Again, the supplement benefits are the same no matter which carrier you choose, but the premium cost differs between carriers.

  • Most carriers have premium rate increases annually to keep up with inflation. It’s important to make sure that the rate increases with the carrier you choose, are reasonable compared to other carriers.

  • Each carrier has different financial ratings, which are based on the company’s financial health and stability. It is best to choose A-rated carriers.

What is not covered by Medicare Supplements, nor Medicare Parts A and B

  • Prescription drugs

  • Routine dental

  • Vision exams, eyeglasses or contacts

  • Hearing exams or hearing aids

  • Long-term care or custodial care

Need more help from the Medicare Experts?

Our well trained agents are ready to answer questions about your Medicare health insurance, and put together a comprehensive plan to fit your needs. Request more information by any of the 3 ways bellow!

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Medigap Insurance Carriers is not affiliated or endorsed by the United States Government or the Federal Medicare Program. This is a solicitation of insurance. An agent/producer may contact you for insurance. Although we are authorized to offer dozens of plans; As per CMS rules we must state that: We do not offer every plan available in your area. Currently we represent 10 organizations which offer 85 product in our area. Any information we provide is limited to those plans we do offer in your area. For any additional information you can contact Medicare.gov or 1–800–MEDICARE (TTY users should call 1-877-486-2048)

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