Typically, in Original Medicare, you are responsible for some of the costs regarding covered medical services. However, Medicare Supplement Insurance, commonly known as Medigap, is additional insurance that you can purchase from a private company to assist in covering your share of expenses.
List of Steps
Learn about the different plan types
Medigap policies, named A-N in most states, are standardized. Compare the benefits offered by each plan and select one that covers your specific needs.
Decide on a lettered plan
Medigap plans provide different levels of coverage, from basic to comprehensive, including options like foreign travel emergency and Part B excess charges. Consulting a licensed insurance agent is helpful in selecting the right plan, considering that policies with the same letter from different companies have identical coverage but varying prices.
Contact an Agent
To obtain an accurate quote and ensure the most up-to-date pricing, reach out to a licensed agent from the insurance company. Prices can fluctuate based on factors like purchase timing and health conditions. When ready to purchase, consult with a Medicare specialist agent.
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What do I need to know when comparing plans?
Firstly, Medicare Supplement insurance plans do not have any provider networks, ensuring applicability to any physician or hospital that accepts Medicare. Secondly, Plan A, B, C, F, G, K, L, and N's basic benefits remain consistent across every insurance company (refer to the chart below). However, selective companies, like Humana, may provide additional benefits. Take some time to reflect on the differences between companies, the quality of service and price to assess your options more thoughtfully.
How do I know if I’m eligible?
To buy a Medicare Supplement plan, you must be enrolled in Medicare Parts A & B, you must live in the state where the policy is offered, and be age 65 or over or, in some states, under age 65 with a disability or end-stage renal disease.
What isn’t covered by Medicare Supplement insurance plans?
In general, Medicare Supplement plans do not provide coverage for long-term care such as nursing home care, vision or dental services, hearing aids, private duty nursing, or prescription drugs.
When is the best time to buy a plan?
The Medicare Supplement Open Enrollment period starts on the first day of the month when you turn 65 or older and are enrolled in Medicare Part B. In select states, you can purchase a plan from the very first day of your enrollment in Medicare Part B, even if you haven't reached the age of 65 yet.
If you meet specific criteria, such as applying during your Medicare Supplement Open Enrollment Period or qualifying for guaranteed issue, insurance companies cannot consider your medical history when determining your eligibility. Please note that regulations may differ in some states.
More help choosing the plan that’s right for you
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Licensed sales agents are ready to help guide you through the process of choosing the coverage that is best for you.