What Are Medicare Supplements
Basics of Medicare Supplements
Original Medicare is a fairly comprehensive health insurance plan. However, it doesn’t cover everything, leaving the patient responsible for the leftover costs. Medicare Supplement Plans, also called Medigap Policies, are coverage options that fill in those gaps. We share more about how to purchase a supplement plan and how it can work for you.
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How Medicare Supplement Plans Work
To use Medigap policies, you first have to enroll in Medicare Parts A and B. Then, you find a specific plan. We talk a little more about how an agent can help you find a good policy in the next section. You enroll in the Medigap policy and pay a monthly premium. After you enroll in the Medicare Supplement Plan, you use Medicare as you normally would. Instead of getting the bill for costs not covered by Original Medicare, those costs are covered by your plan.
How to Enroll in a Medicare Supplement Plan
Medicare Supplement Plans are private policies offered by many different insurance companies. However, they all have to abide by different templates set by the Centers for Medicare and Medicaid Services (CMS). Juggling all of the templates and companies can be confusing. This is where an agent comes in.
An insurance broker is an independent contractor that represents many different insurance companies. Their only job is to find the best fit for the client. They have no incentive to sell one plan over the other because they’re paid by all insurance companies equally.
Browse Different Plans
There are ten different Medigap templates with two additional special (high deductible) options. Use our guide to understand the details of each plan and to compare templates to each other.
- Plan A
- Plan B
- Plan C
- Plan D
- Plan F
- Plan F with High Deductible
- Plan G
- Plan G with High Deductible
- Plan K
- Plan L
- Plan M
- Plan N
Summary
Medigap policies are plans offered by private insurers to bridge the gaps in Original Medicare coverage. For a monthly premium, the Medicare Supplement Plan will pay a portion of the out-of-pocket expenses associated with Original Medicare. How much does each plan pay? It depends on which plan template you select. An insurance agent can help you figure out which plan works best for you. To learn more, contact us at Modern Senior Benefits.
