Learn More About Medicare Supplement Insurance

What is a Medicare Supplement Plan?

Medicare Supplement Plans, or Medigap Plans, are offered by private insurance carriers. These plans are "standardized" plans meaning the benefits for any lettered plan with one carrier, must have identical benefits for the same lettered plan with a different insurance carrier. The only difference would be the cost the carrier charges for their plan. Medicare Supplement Plans are meant to supplement the coverage offered with Original Medicare. These plans can help pay for deductibles, copays, and coinsurance, that come with Original Medicare.

What type of Medicare Supplement Plans are being offered by insurance carriers?

These plans are lettered plans, and may include the following plans, though a few of these plans are not available with certain carriers:

Plans A, B, C, D, F, G, K, L, M, N

Plan F offers the strongest coverage.

How much does Medicare Supplement Plan cost?

Each insurance carrier can set their own prices, and some offer discounts, such as spousal discounts, welcome to medicare discounts, annual premium payment mode discounts etc. It's a good idea to compare costs with different carriers, as there can be a wide variance in costs between the plans.

How can I purchase a Medicare Supplement Plan?

Contact any licensed insurance broker and request a quote. There are many insurance carriers that offer Medicare Supplement Plans. Try to find an independent broker help, who can show you different carriers, options, and rates.

Who can enroll in a Medicare Supplement Plan?

You must have Medicare Parts A & B. If you enroll for a Medicare Supplement Plan within six months after obtaining Part B, you may choose any plan with no health questions or medical underwriting. The coverage is guaranteed. If more than six months have gone by after obtaining Part B, you may still apply for a Medicare Supplement Plan, but you could be turned down or charged a higher premium based on medical underwriting.

When can I enroll in a Medicare Supplement Plan:

You may enroll any time, as long as you have Medicare Part A & B. As long as you apply within six months after obtaining Part B, there would be no health questions or medical underwriting.

Can I keep my Medicare Supplement if I move to another State?

Yes, Medicare Supplement Plans are offered nationwide. You could keep your plan, but the premium might change based on the rates in that State.