Medicare Supplement plans (also called Medigap plans) are health insurance plans that work alongside your Original Medicare (Medicare Parts A and B) coverage to help pay for out-of-pocket costs required by Original Medicare like deductibles, copayments, and coinsurance. Some Medigap plans also pay for services that Original Medicare doesn’t cover at all, like medical care when you travel outside the U.S. In most states, there are 10 different types of Medigap plans available (labeled A, B, C, D, F, G, K, L, M, N), and these 10 different plan types are offered by dozens of private insurance companies, each sold at different monthly premiums. To find the Medigap plan type that best meets your needs and to select a plan at the lowest available price, it is recommended that you work with a licensed insurance agent who can compare a wide variety of Medigap plans offered by different insurance companies in your area.
MEDIGAP FACT #1: Original Medicare alone is not sufficient health coverage for the typical senior.
MEDIGAP FACT #2: Medigap plans are supplemental Medicare insurance used by millions of seniors to fill in the many cost and coverage gaps of Original Medicare.
MEDIGAP FACT #3: The premiums insurance companies charge for Medigap plans, even plans with essentially the same benefits, can vary significantly.
MEDIGAP FACT #4: Buying a Medigap plan is a very important financial and healthcare decision, so you should work with a licensed insurance agent who can help you to select your best plan type and compare a wide variety of insurance company plans so you can save money.
MEDIGAP FACT #5: Medigap plans do not cover prescription drugs, so you should also discuss Medicare Prescription Drug plans with the licensed insurance agent helping you make your Medigap decision
MEDIGAP FACT #6: Generally, the best time to enroll in a Medigap plan is during your Medicare Supplement Open Enrollment period which starts on the first day of the month in which you’re both age 65 or older and enrolled in Medicare Part B.