Medicare
Supplement Plans

Medicare Supplement Insurance (Medigap) Overview

With Medicare Part B, 80% of your outpatient service expenses are covered. The other 20% that is not covered can be disastrous to you financially if a serious illness arises. A Medicare Supplement Plan, also called a Medigap Plan, is sold by a private insurance company, and will pay some or all of that 20% for you. Some plans also have additional benefits such as coverage of medical care outside of the U.S.

For the most part, Medigap policies do not cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.

Medigap Policies are Standardized to Protect You

Federal and state laws concerning Medigap policies are designed to protect you, and each policy must clearly be labeled as “Medicare Supplement Insurance.” Insurance companies can only sell you standardized policies, identified by letters A, B, C, D, F, G, K, L, M, N. Some policies will offer you benefits that other policies do not cover, but all cover the same basic benefits.

For example, Medicare supplement Plan N at Aetna has the same benefits as Plan N from United Healthcare.

Medicare Supplement Plans A – N

Medicare Supplement plans are organized under different letters. Here is a chart to show you the different benefits:
* You may be able to get a high-deductible Plan F in some states. With a high-deductible plan, you must pay for Medicare-covered costs up to the deductible amount of $2,340 in 2020 before your policy pays.

** For Plan K and L, your Medigap plan pays 100% of covered services for the rest of the calendar year after you meet your out-of-pocket deductible and your yearly Part B deductible.

*** Plan N pays 100% of the Part B coinsurance, except for a copayment up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in an inpatient admission.

Most Popular Medicare Supplement Plans

• Plan F covers all of the gaps, which means you are left with nothing out of pocket.
• Plan G or Plan N offers some cost-sharing in exchange for lower premium payments.

Additional information About Medigap Policies

• To buy a Medigap policy, you must have Medicare Part A and Part B.
• Medicare supplement plans cover only one person. Meaning, your spouse must have their own specific policy.
• You can drop your Medicare Supplement at any time.
• There is no annual election period for Medicare Supplement plans.
• Some carriers will offer household discounts if two or more people enroll in the same plan from the same company
• If you want to add Medicare Part D, you will need to get a standalone Part D drug plan

How Medicare Supplement (Medigap) Works

1. First, your doctor will provide a medical service and bill Medicare
2. After being invoiced, Medicare will pay the approved portion of the bill
3. The excess amount will be paid by Medigap according to your plan’s terms

What are the benefits of getting a medicare supplement plan?

• Little to no copays when accessing healthcare services
• Gain peace of mind by eliminating cost-sharing responsibility
• Guaranteed right to purchase a Medicare supplement plan during your one-time open enrollment window. (Your health status doesn’t matter)
• Having the ability to choose which doctors and hospitals you see
• No referrals required to see a specialist
• Predictable out-of-pocket expenses for Medicare-covered services
• You will have coverage across the United States
• Guaranteed renewability – meaning your insurance company can not change your coverage or drop your plan because of changes in your health

When is the best time to enroll in a Medicare Supplement Plan?

During your one-time open enrollment window, you can choose any Medicare Supplement plan. Insurance companies are not allowed to ask you any medical questions. They also are not able to turn you down due to any health conditions. Pre-existing illnesses, medications, or other health conditions will not play a part in how much they can charge you.

Your one-time open-enrollment window begins on the first day of your birth month, or the first day of the month you enroll in Part B. After the first day, the enrollment window stays open for the next six months.

After six months go by, insurance companies can look at your health and accept or decline you based on different criteria. This is why enrolling is crucial to do during your one-time open enrollment window.

Please note: the Annual election period is different from open enrollment. The Annual Election Period in the fall pertains to Medicare Part D.

Can I change Medicare Supplements anytime?

You can apply for a change to your Medicare Supplement whenever you like, but, if are changing your coverage after open enrollment, then you will most likely be asked health questions. The Medicare supplement insurance company will review your answers as well as your health and medication history. Based on their findings, they can accept or decline you.

How can I get a quote?

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