Medicare Supplement Insurance
Medicare Supplements are plans you can purchase to fill in cost “gaps” and lower the amount you pay for Original Medicare.
What Are Medicare Supplements?
Medicare Supplements, also known as Medigap insurance policies, are a popular option for Medicare beneficiaries. There are 10 different supplements to choose from—defined by plan letters A, B, C, D, F, G, K, L, M, and N. Each of these plans is available to those with Original Medicare (except plans F and G, which are limited to those who became eligible for Medicare before January 2020).
Your Medigap plan will contribute to a variety of your Medicare costs. In exchange, you’ll pay a monthly premium. It’s a great option for people who travel often or own multiple homes, as you can take your coverage with you.
Supplement Costs and Coverage
How much you pay for your Medigap premium depends on what plan you purchase, where you live, when you enroll, and other personal factors. The more coverage in your supplement plan, the higher your premium—but it also means more coverage. With ten options, it’s easy to find a balance between cost and coverage that works for you.
Every Medigap plan covers at least four of these benefits:
- Part A coinsurance and hospital costs (even up to 365 days after your Part A coverage is used up)
- Part B coinsurance or copayment
- First three pints of blood for transfusion
- Part A hospice care coinsurance or copayment
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B deductible
- Foreign travel care
- Part B excess charges (Only covered by plans F and G)
When Should You Enroll?
The best time to enroll in a Medicare supplement overlaps with your Initial Enrollment Period (IEP) for Original Medicare. You have six months starting from the month of your birthday to enroll in a supplement without health considerations.
So no matter your medical condition, you can have your choice of supplements available in your area. After these six months, insurance providers can take your health into consideration for whether or not they want to cover you, and how much you’ll pay. But it’s never too late to enroll if this is the coverage you’re looking for.
Prioritize Your Retirement Planning
Priority Health Insurance Services can walk you through all of your Medicare options to lead you into a smooth retirement. To get started, just call or email us!
