Medicare Supplement (Medigap) Plans

These plans are provided by private insurance carriers and are purchased to pickup or fill in the “gaps” where original Medicare leaves off.

Popular Supplement Plans

The following is a selection of 4 of the more popular plans people are enrolled.

This chart shows basic information about 4 of the more popular plans people are enrolled in. And list the different benefts that Medigap policies
cover. If a percentage appears, the Medigap plan covers that percentage of the beneft,
and you must pay the rest.
  
(Items in red not included in that particular plan)

Medicare Supplement (Medigap) Plans

Filling in the “Gaps” in Medicare

Medicare Supplement (aka Medigap) Plans are health insurance plans sold by private insurance companies to fill the “gaps” in Original Medicare. Medicare Supplement (Medigap) policies help pay most of the health care costs that Original Medicare doesn’t cover. If you have Original Medicare coupled with a Medicare Supplement (Medigap) policy, Medicare pays first and your Medicare Supplement (Medigap) policy will cover the remaining Medicare approved health care costs.

Comparing Medicare Supplement (Medigap) Plans

There are different options when choosing a Medicare Supplement plan.  They are identified by letter.  Currently ranging from A to N. These plans are “standardized” and no matter what company you choose they MUST pay as Medicare defines. Medicare Supplement (Medigap) policies must all have the same specific benefits so you can compare them easily.

They must follow Federal and State laws. These laws protect you. A Medicare Supplement (Medigap) policy must be clearly identified as “Medicare Supplement Insurance.”

The Best Medicare Supplement (Medigap) Plans

Are you looking for the top insurance carriers for Medicare Supplement (Medigap) plans? Med Plan Advisors can assist you in obtaining the plan that best fits your needs for we are and “independent broker” appointed with the top A rated insurance carriers. We are happy to provide you with information and education on the various plan options and help you with the application process and this service cost you NO money.

Generally, when you buy a Medicare Supplement (Medigap) policy you must have Medicare Part A and Part B. You must continue to pay the monthly Medicare Part B premium. In addition, you will have to pay a premium to the Medicare Supplement (Medigap) insurance company for your coverage. It is also highly recommended to enroll in a prescription drug plan (MAPD) even if you currently do not take medication for there is a penalty if you do not enroll when you first enroll in Medicare.

So, relax we will help you get set up so there are no worries about your Medicare insurance choices contact Med Plan Advisors today.

 

MORE ABOUT MEDIGAP POLICIES

  • You must have Part A and Part B.
  • You pay a monthly premium for your Medigap policy in addition to your monthly Part B premium.
  • A Medigap policy only covers one person. Spouses must buy separate policies.
  • The best time to buy a Medigap policy is during the 7-month period that begins three months prior to your birth month on your 65th birthday and goes for three months after.  or older and enrolled in Part B. (Some states have additional open enrollment periods.) After this enrollment period, your option to buy a Medigap policy may be limited and it may cost more. For example, if you turn 65 and are enrolled in Part B in June, the best time for you to buy a Medigap policy is from June to November.
  • It’s important to compare Medigap policies since the costs can vary and may go up as you get older. Some states limit Medigap costs.
  • If you’re under 65, you won’t have this open enrollment period until you turn 65, but state law might give you a right to buy a policy before then
  • If you have a Medicare Advantage Plan, it’s illegal to have a Medigap policy unless you’re switching back to Original Medicare. 

Information provided by: Medicare and You Handbook 2017

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