Medicare Supplement Plans Explained.
Medicare Supplement insurance, also called Medigap, works alongside Original Medicare and can help pay certain out-of-pocket costs that Medicare does not fully cover.
Medicare Supplement Works With Original Medicare.
With a Medicare Supplement policy, Original Medicare generally pays first and your Medigap policy may help pay certain remaining Medicare-approved costs according to the benefits of your plan.
Keep Original Medicare
You remain enrolled in Medicare Part A and Part B and use Original Medicare for your Medicare-covered services.
Standardized Benefits
Medigap plans with the same letter generally provide the same standardized medical benefits regardless of the insurance company offering the policy.
Separate Drug Coverage
Modern Medicare Supplement policies do not include outpatient prescription drug coverage, so a separate Part D plan may be needed.
More Predictable Cost Sharing And Broad Provider Access.
Medicare Supplement insurance may appeal to people who want to remain with Original Medicare while reducing certain out-of-pocket costs.
- Works with Original Medicare
- No Medicare Advantage provider network
- Standardized plan benefits
- Can help with certain Medicare cost sharing
- Coverage can travel with you throughout the United States
- Separate Part D coverage may be added
Plan G And Plan N Are Commonly Considered Options.
Several standardized Medicare Supplement plans are available. Plan availability and pricing can vary by insurance company and location.
Plan G
Plan G generally covers most Medicare-approved cost sharing after you satisfy the annual Medicare Part B deductible.
Plan N
Plan N generally has more cost sharing than Plan G and can include certain office or emergency room copays. It also does not cover Medicare Part B excess charges.
Timing Can Matter When Buying Medicare Supplement Coverage.
Your federal Medigap Open Enrollment Period begins the first month you are both age 65 or older and enrolled in Medicare Part B. It lasts six months.
During this period, you generally have important protections when purchasing Medicare Supplement coverage. Outside certain protected enrollment situations, an insurance company may be permitted to use medical underwriting when you apply.
Changing Medigap Plans Later May Require Health Questions.
Depending on your situation and applicable enrollment rights, changing Medicare Supplement policies later may require medical underwriting.
That is one reason it can be useful to consider both current premium and long-term coverage goals when selecting a Medigap policy.
What We Can Compare
We can review available insurance companies, premiums, standardized plan benefits and your eligibility circumstances when considering Medicare Supplement coverage.
Compare Medigap Options In Parker County.
Parker County Medicare Advisors can help you understand available Medicare Supplement options and compare premiums from insurance companies we represent.
We can also help you consider how Medicare Supplement coverage works alongside Original Medicare and a separate Part D prescription drug plan.
Want Help Reviewing Medigap Plans?
Request a no-cost consultation with Parker County Medicare Advisors and compare your Medicare Supplement options.