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What Is Medicare Supplement Insurance?

Medicare Supplement Insurance plans (also called Medigap) are sold by private insurance companies and can help cover some of the out-of-pocket costs associated with Original Medicare. These costs can include copayments, coinsurance, deductibles and other fees. Explore the 10 standardized Medicare Supplement Insurance plans listed below and compare the benefits each plan offers.

Enrolling in Medicare Supplement Insurance

The best time to enroll in a Medicare Supplement Insurance plan is during your Medigap open enrollment period. Your open enrollment period starts as soon as you are at least age 65 or older and enrolled in Medicare Part B. Your open enrollment period lasts for six months. If you enroll during this time, you cannot be denied coverage or charged higher premiums for health reasons.

Medigap Insurance Coverage Benefits

Original Medicare (Part A and Part B) out-of-pocket health insurance costs can include, among others:

  • Medicare Part A deductible — $1,340 per benefit period in 2018
  • Medicare Part B deductible — $183 per year in 2018
  • Medicare Part B coinsurance — typically 20 percent of the Medicare-approved costs of medical services (after you meet the Part B deductible)
  • Medicare Part A coinsurance for inpatient hospital care

Each of the 10 standardized Medicare Supplement Insurance plans covers all or part of the costs for:

  • Part A coinsurance for inpatient hospital stays and hospital costs
  • Part A coinsurance or copayment for hospice care
  • Part B coinsurance or copayment
  • First three pints of blood used in a transfusion

Medicare Supplement Insurance plans are labeled by letter (such as Plan F, for example) and are standardized. This means each insurer’s Plan F will offer the same basic benefits.

To secure a Medigap plan, you’ll have to pay a monthly premium. Additionally:

  • If you have Medicare Advantage, you’ll need to leave that plan before enrolling in a Medigap plan. You may not have a Medicare Advantage plan and Medigap plan at the same time.
  • You must have both Medicare Part A and Part B to sign up for Medigap coverage
  • Medigap policies only cover one person. Your spouse would need his or her own policy.

Refer to the chart below to see a side-by-side comparison of all 10 standardized Medigap plans.

 

To learn more about the many benefits of Medicare Supplement Insurance and to compare plans for free, connect with a licensed agent today by calling 1-888-264-0148.

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