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What is Medicare Supplemental Insurance?
If you are enrolled in Medicare Part A and B (Original Medicare), Medigap plans can help fill the coverage gaps in Medicare Part A and Part B. Medigap plans are sold by private insurance companies and are designed to assist you with out-of-pocket costs (e.g., deductibles, copays and coinsurance) not covered by Parts A and B. These plans are available in all 50 states and can vary in premiums and enrollment eligibility. Medigap plans are standardized; however, all of the standardized plans may not be available in your area.
Plan A
Plan A is the most basic of Medigap plans, with the lowest premiums. It is the only Medicare Supplement insurance plan that doesn’t cover the Part A deductible.
Plan F
Plan F helps cover Medicare deductibles and some copayments and coinsurance. Per government regulation, Plan F is only available if you first became eligible for Medicare before January 1, 2020.
Select and Innovative F are available in some states.
Plan G
Plan G helps cover all out-of-pocket costs not covered by Original Medicare‡ for Medicare approved services, except for the Medicare Part B deductible.
Select and Innovative G are available in some states.
Plan N
Plan N helps pay for Medicare Part A and Part B coinsurance costs. You’ll be responsible for deductibles and copayments, but you’ll have lower monthly premiums.
Select and Innovative N are available in some states.
Frequently Ask Questions
Here’s how it works: You pay a monthly premium for your Medicare supplement plan. These plans are also called Medigap. In return, the plan pays most of your out-of-pocket expenses. So when you go to the doctor, for example, you don’t have to pay the 20 percent coinsurance required by Medicare.
Medicare supplement insurance, or Medigap, is coverage that you can add to Original Medicare Parts A and B. Medicare Advantage (Part C) is an alternative to Original Medicare Parts A and B. It’s a different way to get your Medicare benefits.
You can have Original Medicare and purchase a Medigap (Medicare Supplement) plan. There are 10 standardized Medigap policies in most states, and they cover varying amounts of your Medicare Part A and Part B costs (such as coinsurance and deductibles), depending on the Medigap policy.
Medicare Supplement Plans have premiums that cost anywhere from around $70/month to around $270/month. Typically, plans with higher monthly premiums will have lower deductibles. Plans with lower monthly premiums typically have higher deductibles.
Use these steps to help you decide what coverage you want:
Step 1: Decide if you want Original Medicare or a Medicare Advantage Plan (like an HMO or PPO) You can choose Original Medicare. …
Step 2: Decide if you want prescription drug coverage (Part D) …
Step 3: Decide if you want supplemental coverage.