Medicare Supplement Plans

Many seniors are opting to get extra coverage from what they already have with just original Medicare Parts A and B.

This is because there are those gaps left by Original Medicare, and one is forced to pay out of pocket for them. With a supplement plan, you are rest assured that even when the costs of Medical expenses rise, you will be at peace knowing that you are covered for the best part of the essential services.

With the rising costs of Medicare as has been experienced in recent times, Medicare Supplement plans have a lot to offer to seniors in terms of coverage and great perks.

These plans are offered by private insurance companies that have been designated by Medicare to cover the gaps left by the original Medicare.

These gaps include things like:

• Deductibles
• Co-pays
• Coinsurance

A Medicare Supplement plan is a plan that is sold by private insurance companies to help pay medical expenses that aren’t covered by Medicare.

One of the factors to consider is that all insurance companies offer the exact same plans, as well as the exact same coverage. The cost for each plan can vary widely between companies, however.

Among the most reputable companies offering these plans are:

• Mutual of Omaha
• Aetna
• Accendo
• Cigna
• United Healthcare
• New Era

The most popular Medicare Supplement plans are:

• Medicare Plan G
• Medicare Plan N
• High-deductible Plan G
• Medicare Plan F

Medicare Plan G

Plan G is the most popular Medigap plan due to its great coverage and relatively low premiums

On Plan G, you simply the annual Part B deductible for doctor’s services, and then get 100% coverage for the rest of the year. 

Medicare Plan N

Plan N is right behind Plan G in terms of great coverage, but it has even lower premiums.

In exchange for paying less per month for Plan N, you’ll have some small co-pays per doctor’s visit (up to $20, telehealth visits have no co-pay).

If you visit the emergency room on Plan N and you’re not admitted, you’ll have to pay a $50 co-pay. 

As well, Plan N does not cover Part B excess charges. These are extremely rare and are not even charged in the following states:

• CT, MN, OH, PA, RI, VT, MA, NY

Medicare supplement plans are designated in letters A – N. 

The cost of these plans depends on a number of different factors, such as:

• Age
• Gender
• Zip Code
• Tobacco use
• Household discounts

Regardless of which insurance company offers the plan letter, they all must contain the exact same coverage. 

Insurance companies all have different rates for the same coverage. That’s where we can help. For no-cost, we shop all the rates for you each year to make sure you’re always paying the least amount possible. 

 Enrollment

There is a 6-month Medigap enrollment period when you first enroll in Medicare Part B.

This means that from the effective date of Medicare Part B to six months later, you may enroll in a Medigap plan with no questions asked. You do not have to answer medical questions and you are guaranteed acceptance. 

Currently have a Medigap Plan and Switching

If you have a Medigap plan already and you want to switch plans to save money, or for different coverage, you can apply for new coverage at any time during the year. 

Changing from a Medicare Advantage plan to Medigap

If you are enrolled in a Medicare Advantage plan and want to apply for a Medicare supplement plan, you will need to do so in the Medicare open enrollment period. This takes place from October 15th – December 7th each year.

If accepted, your new coverage will begin on January 1st of the following year.