Medicare Supplements
Medicare Supplements are private insurance plans that pay some of the costs not covered by Original Medicare. Also called Medigap policies, they are standardized plans identified by letters A through N. Many people confuse these letters with the Parts of Medicare. These are different — they are letters that identify Medigap plans.
ABC Medicare is here to answer your questions about Medicare Supplements so you can decide if a plan (and which one) is right for you.
What Is Medigap?
Medigap is supplemental insurance that helps pay some of the deductibles, copays, and coinsurance — aka the “gaps” in Medicare. Depending on which plan you select, it can leave you with little to no out-of-pocket costs when you visit the doctor. When you buy one, you keep Parts A and B and can visit any doctor in the U.S. who accepts Medicare!
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Who Is Eligible for a Medicare Supplement?
If you’re enrolled in Medicare Part A and Part B, you’re eligible for a Medicare Supplement.
When you purchase a plan, you’ll keep paying the Part B premium and pay a monthly premium for coverage that travels with you. The exact amount you’ll pay depends on the plan and provider you choose.
How the Plans Are Rated
Medicare Supplements insurance carriers determine their rates or premiums in one of three ways:
- Community-rated: Your premium is the same whether you purchase a plan at 65 or 70. Your rates may increase but not due to your age.
- Issue-age-rated: Your premium is based on your age when the company FIRST issues you a policy. Premiums may increase due to inflation, but never because of your age.
- Attained-age-rated: Your premium is based on your current age when you purchase the plan. It will keep increasing as you age.
ABC Medicare can help you compare plans in your state and choose the one that offers the best price.
Do Medicare Supplements Cover Prescription Drugs?
No. Since Original Medicare does not cover them, your Medicare Supplement plan won’t either. If you need prescription drug coverage, you’ll want to enroll in a stand-alone Part D plan.
Can I Be on the Same Plan as My Spouse?
No, you and your spouse will need to purchase separate Medicare Supplement plans if you both want this coverage.
When Should I Buy a Plan?
The best time to get a policy is during your Medigap Open Enrollment Period. This six-month period begins the first day of the month you turn 65 and are enrolled in Medicare Part B. During this window, insurance companies cannot use medical underwriting, and you often get better rates and have more options to compare.
Picking the Right Medigap Policy
The most popular supplement plans are F, G, and N because they cover most (if not all) of your out-of-pocket healthcare costs. However, the right plan for your friend, neighbor, or relative may not be the best choice for you. There’s no one-size-fits-all approach with Medicare, and Medicare Supplements are no different in this aspect.
So, you can work with an agent who specializes in Medigap insurance to find the right plan for your needs and budget.
It may also help to look at your past medical bills. This can give you an accurate idea of where you’re spending the most money — whether that be in the hospital, doctor’s office, or a skilled nursing facility. You can then try to select the Medigap policy that will cover a portion, or all, of that cost.
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Whether you’re new to Medicare or have been enrolled for years, ABC Medicare will provide guidance and support you on your journey. We invite you to schedule a one-on-one consultation with us — it won’t cost you anything!
