Medicare Supplements (Medigap Plans)
Medicare Supplements (Medigap Plans)
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Original Medicare covers about 80% of your medicare-related health care needs. To cover the other 20%, one option is to apply for a Medicare Supplement Plan, also known as a Medigap Plan.
Medigap plans help you to "cover the gaps" in Original Medicare. Some plans also provide additional coverage for foreign travel emergencies.
You must have Medicare Parts A & B to sign up for a Medigap Plan.
Original Medicare + a Medigap plan
Original Medicare + a Medigap plan
No Networks: Choose any doctor or hospital that takes Medicare anywhere in the US. That can be a real benefit to frequent travelers or 'snow birds.'
Referrals not needed (in most cases).
Prior authorization is rarely required.
Pick the plan that best suits your budget.
Comparing Supplement Plans
Comparing Supplement Plans
Medicare Supplement Plans are named with letters A, B, C, D, F, G, K, L, M, and N (Plans C & F are not available to those new to Medicare after 1/1/2020).
The plans are standardized by the government to provide specific benefits. As the chart below shows, some Medigap Plans cover 100% of the benefits not covered by Original Medicare, while other plans cover less for a lower premium.
Although different companies may offer the same plan (e.g., Plan G), you will get the same coverage no matter which company you pick. However, the premiums for the exact same plan can vary greatly from one company to another. This is where an independent agent like me can help you compare the policies available in your area.
Additional Considerations
Additional Considerations
When you have a Medicare Supplement, you will want to add a plan to cover your prescription drugs and, possibly, a plan to cover services not covered by Medicare, including dental, vision, and/or hearing exams and services.
Why add a Medicare Prescription Drug Plan?
Why add a Medicare Prescription Drug Plan?
Part B of Original Medicare covers a limited number of outpatient prescription drugs and some drugs administered in a doctor's office. However, you must pay for most drugs, especially those you take regularly. Adding Part D coverage is considered optional, but if you do not sign up when you are first eligible, you may incur a late enrollment penalty when you finally do sign up. As your agent, I can help determine the best plan for you. Visit Part D: Prescription Drug Plan to learn more.
Why add a separate Dental, Vision, and/or Hearing Plan?
Why add a separate Dental, Vision, and/or Hearing Plan?
Some dentists offer their own dental plans, but if your dentist does not and you are interested in purchasing insurance to cover these services, I'm happy to help you explore the local options. Many insurance carriers offer stand-alone dental or vision or hearing plans offer coverage for a wide variety of services - like exams, cleanings, extractions, and implants - and products - like glasses and hearing aids.
If you are interested in discussing Medicare Supplement plans that fit your lifestyle, health needs, and budget, click the LEARN MORE button.
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