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Medicare Supplement Plan

What is a Medicare Supplement Plan?

Medicare Supplements, often called Medigap insurance,  are private insurance policies that supplement, or literally fills in the “gaps” between Original Medicare coverage and out-of-pocket costs. These plans help pay for Part A and Part B deductibles, co-pays, and coinsurance, and extras: like extended hospital stays and foreign travel emergencies. You must be enrolled in Medicare Part A and Part B to purchase a Medicare Supplement policy.

There are 10 different standardized Medicare Supplement (Medigap) plans offered to fit your needs, lettered A through L. To follow federal and state law, every Medigap policy must have specific benefits so you can easily compare them.

 

Premiums for Medicare Supplement (Medigap) plan policies are based on participant enrollment age and geographic area. As with the Medicare Advantage Plans, Medigap premiums are paid in addition to the Medicare Part B deductible.

 

These plans do not necessarily provide additional coverage, but rather cover the out-of-pocket costs that Original Medicare alone does not cover.

 

All Medicare Supplements are sold by private insurance companies and offer a variety of plan choices to fit your needs and budget.

 

A Medicare Supplement plan fills in the gaps with various healthcare benefits with variable prices. Keep in mind that all Medicare Supplement plans must cover basic Original Medicare benefits.

 

A Medicare Supplement plan fills in the gaps with various healthcare benefits with variable prices. Keep in mind that all Medicare Supplement plans must cover basic Original Medicare benefits.

For an easier understanding of plans, A through L for a comparison of the Medicare Supplement plans Please use the chart below: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What are the Plan Features of a Medicare Supplement Plan?

Medicare Supplement plans offer beneficiaries:
•    Help with managing out-of-pocket costs
•    The freedom to choose any doctor who accepts Medicare patients
•    No claim forms to file
•    National coverage so beneficiaries can use benefits anywhere in the United States.  If beneficiaries move their coverage moves with them, except Select plans which may not be available everywhere. 
•    Foreign travel coverage for emergency service (for most plans)
•    Guaranteed renewability, meaning the plan automatically renews from year to year as long as beneficiaries pay their premiums when due.
•    A 30-Day “free look” evaluation period.  A full refund of premiums (Minus claims paid if any) if policies are returned within 30 days of plan issuance.

Medicare Supplement Insurance (Medigap) plans
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