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Medicare Supplement Plans

Private insurance companies offer Medicare Supplement Plans, which are accessible to individuals eligible for Medicare. These plans assist in limiting out-of-pocket expenses related to medical care, such as copayments, coinsurance, and deductibles. It is important to note that Medicare Supplement Plans serve as a secondary coverage alongside Original Medicare, whereas Medicare Advantage Plans function as primary coverage to Original Medicare. 

What do Medicare Supplement Plans Cover? 

There are 10 standardized Medicare Supplement (or Medigap) plans, which are named Plan A to Plan N. Each of these policies provide identical benefits to beneficiaries. 

Medicare Supplement Plan Highlights

  • Choose Your Doctors: Have the flexibility to choose your preferred doctors and hospitals, as long as these providers accept patients covered by Medicare. 
  • No Referrals: See specialists without referrals needed. 
  • Guaranteed Renewal: Automatic renewals, you can never be dropped due to a health condition
  • Transparent Costs: Avoid any unexpected out-of-pocket medical costs. 
  • Additional benefits: Coverage around the United States, foreign travel emergency care, and skilled nursing facility coinsurance. 

Keep in mind, you will need to purchase a stand-alone Part D plan in addition to your supplement plan to obtain prescription drug coverage. Medicare Supplement plans also do not cover long term care, dental care, vision care, hearing aids, and acupuncture. 

How Do I Enroll in a Medicare Supplement Plan? 

To enroll in a Medicare Supplement Plan, you must have both Medicare Parts A and B. Additionally, you need to continue paying your monthly Part B premium alongside the premium for your Supplement plan. 

You can sign up for this plan during your Medigap Open Enrollment Period. This is the 6-month period that starts the first day of the month you’re 65 or older and signed up for Medicare Part B. During this period, you cannot be denied coverage based on your medical history, whether it’s a past or current health condition. 

In certain states, like New York, state laws mandate that private insurance companies offering these Medigap policies must accept applications for coverage at any time throughout the year.