Medicare Supplement Plans
What you need to know:
- Medicare supplement insurance (Medigap) plans are offered by private insurance companies but are standardized by the federal government. That means that that each plan of the same letter (designated A through N) must offer the same basic benefits, regardless of which insurance company sells it. The monthly plan premium, however, can vary among different insurance companies.
- These plans can help you pay some of the out-of-pocket costs not covered by Original Medicare Parts A & B.
- All plans include full or part coverage for: - Part A hospital coinsurance - Part B coinsurance or copays- Cost of blood transfusions (first 3 pints) - Hospice care coinsurance - Part B excess charges
- Some may also offer help paying for: - Part A deductible - Part B deductible**Note that only applicants’ first eligible for Medicare before 2020 may purchase plans that cover the Part B deductible.
- It is important to note that Medicare supplement (Medigap) plans do not include prescription drugs on an outpatient basis. Therefore, you would want to consider purchasing a prescription drug plan (Part D) to go along with your plan.
- Some Medicare supplement (Medigap) insurers may offer value-added services to make them more attractive. These value-added services may include discounts on vision, hearing, or dental services and may even include a gym membership.
- Each Medicare supplement (Medigap) plan is labeled with a letter, i.e. Plan G, and all the plans with the same letter offer the same benefits across the nation. Please note that in Massachusetts, Minnesota and Wisconsin plans are standardized differently.
Let's work together
Having a local professional agent who knows you by name and understands your circumstances can advise you through your entire Medicare journey, and updating you on plan changes that could affect your coverage is invaluable. So, let’s work together and find the best plan for you.