Medicare Supplement or Medigap plans are private insurance policies designed to complement Original Medicare (Part A and Part B). While Original Medicare covers a significant portion of your healthcare expenses, it doesn’t cover everything. Medigap plans cover the costs that Medicare doesn’t fully pay, such as deductibles, copayments, and coinsurance.
There are different kinds of Medicare Supplement plans, and each covers a specific set of costs. These are the plans that you see labeled Plan A through N. Some of the most notable and common plans are:
Some companies offer a custom version of a standardized Medicare Supplement plan called a G Extra or an Innovative G plan, as an example. These plans have all of the standard benefits of a Plan G, but add benefits for things like vision coverage, over-the-counter product allowance, and telehealth, for an additional cost.
Purchasing a Medicare Supplement or Medigap plan can provide many benefits. These include:
It’s best to enroll in a Medicare Supplement or Medigap plan during your Medigap Open Enrollment Period, which begins the first month you are 65. During this period, you have guaranteed issue rights, meaning you cannot be denied coverage or charged more due to pre-existing conditions.
If you miss this period, you may still be able to enroll in a plan, but you could face higher premiums or be denied due to your health history. To purchase a Medigap plan, you must be enrolled in Original Medicare Part A (hospital) and Part B (medical).
When selecting a Medigap plan, it’s essential to evaluate all of the benefits, costs, and access to ensure it’s the coverage you need. Here are some factors to consider:
It’s important to know the differences between Medicare Supplement or Medigap plans and Medicare Advantage plans (Part C). Here are some key differences:
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