Understanding Medicare Supplement Plans: Your Complete Guide
What Are Medicare Supplement Plans?
Medicare Supplement Insurance, also known as Medigap, is private health insurance designed to supplement your Original Medicare benefits. These plans help cover some of the healthcare costs that Original Medicare doesn't cover, such as copayments, coinsurance, and deductibles.
The Different Plan Types
Medigap plans are standardized and labeled with letters (A, B, C, D, F, G, K, L, M, and N). Each plan offers a different level of coverage. Plan G and Plan N are among the most popular choices for new Medicare beneficiaries.
Plan G — The Most Comprehensive
Plan G covers nearly everything that Plan F covers, except the Medicare Part B deductible. Since Plan F is no longer available to new Medicare beneficiaries (as of 2020), Plan G has become the gold standard for comprehensive coverage.
Plan N — The Budget-Friendly Option
Plan N offers excellent coverage at a lower premium. You may pay small copayments for some office visits and emergency room visits, but the trade-off is significant monthly savings.
Why Work with an Independent Agent?
Working with an independent insurance agent like Michael Aman means you get unbiased advice. Unlike captive agents who represent a single company, Michael can compare plans from multiple top-rated carriers to find the best coverage at the best price for your unique situation.
When to Enroll
The best time to enroll in a Medigap plan is during your Medigap Open Enrollment Period — the 6-month window that starts the month you turn 65 and are enrolled in Medicare Part B. During this period, insurance companies cannot deny you coverage or charge you more due to pre-existing conditions.
Frequently Asked Questions
What is a Medicare Supplement plan?
A Medicare Supplement (Medigap) plan is private insurance that helps pay for costs not covered by Original Medicare, including copayments, coinsurance, and deductibles. These standardized plans are offered by private insurers and labeled by letters (A through N).
When is the best time to enroll in Medicare Supplement?
The best time is during your Medigap Open Enrollment Period — the 6-month window starting the month you turn 65 and are enrolled in Medicare Part B. During this time, insurers cannot deny you coverage or charge more for pre-existing conditions.
Quick Answers
A: Plan G is the most comprehensive Medigap plan available to new beneficiaries, covering nearly all out-of-pocket costs except the Part B deductible. Plan N has lower premiums but may require small copayments for some office and ER visits. Both are popular choices.
A: The Medigap Open Enrollment Period is a one-time, 6-month window that begins the month you turn 65 and are enrolled in Medicare Part B. During this period, you have a guaranteed right to buy any Medigap policy regardless of health status.