What are Medicare Supplements?
Medicare Supplement Plans, also known as Medigap plans, are sold by private insurance companies to help you cover the gaps in coverage left by Medicare. Medigap plans are a great way to limit your out-of-pocket costs and introduce a Maximum Out of Pocket for Medicare coverage.
Medicare does not pay for 100% of your medical expenses and a Medicare Supplement is used to pay the amounts not covered by Medicare. This includes copays, coinsurance, and deductibles. However, there are ten different Medigap plan types and none of them are identical.
What do Medicare Supplements cover?
In most cases, Original Medicare only covers 80% of your Part B medical expenses, after you have paid the Part B Deductible. The medical expenses related to your deductible and the other 20% are pay by you if you do not have a Medicare Supplement.
Original Medicare does not have an out of pocket maximum, which means your 20% responsibility does not have a limit.
A Medicare Supplements could pay that 20% for you.
What is not covered by a Medicare Supplement?
Medical Expenses that are not covered by Original Medicare are not covered under a Medicare Supplement. For example:
Routine dental, vision, and hearing exams
Hearing aids
Eyeglasses or contacts
Long-term care or custodial care
Retail prescription drugs
Which Medigap Plans Can I Choose From?
The Green Highlighted Plans are the 3 most popular plans that clients choose.
People who are eligible for Medicare after January 1, 2020, are not able to choose Plan F or Plan C (not to be confused with Part C).
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Plans are insured or covered by Medicare Advantage (HMO, PPO, and PFFS) organization with a Medicare contract and/or a Medicare-approved Part D sponsor. Enrollment in the plan depends on the plan’s contract renewal with Medicare. We do not offer every plan in your area. Please contact medicare.gov or 1-800-Medicare to get information on all your options.
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