Medicare Supplement Insurance Plans
- These are also called a Medigap plan and are offered by private insurance companies. These plans have standardized benefits established by the federal government. That means that each plan of the same letter (designated A through N) must offer the same benefits regardless of which company sells it. For example, a Plan G offered by three (3) different companies will all have the exact same benefits, but the monthly premiums will be different.
- To be eligible to purchase a Medicare Supplement plan, you must have both Parts of Medicare, A & B.
- When you are turning 65, you will have an open enrollment period which means you can obtain one of these plans without responding to health questions. This is the best time to purchase one of these plans.
- After this open enrollment period, you are subject to the insurance companies medical underwriting, and you could be denied coverage depending upon your medical issues.
- Medicare Supplement Plans only cover medical costs and do not cover prescription medications. Therefore, you would want to consider purchasing a stand-alone Part D prescription plan.
- These plans will cover some of the out-of-pocket costs not covered by Original Medicare, Parts A & B. Please note: if you turned 65 after January 1st of 2020, you will not have an option to purchase a plan that covers the Part B annual deductible.