Medicare Supplement Plans
Medicare Supplement Plans, also known as Medigap plans, are private health insurance policies that help pay for some of the healthcare costs that Original Medicare doesn’t cover. These plans are designed to fill the gaps in coverage left by Original Medicare, such as deductibles, coinsurance, and copayments.
Medigap plans are sold by private insurance companies and are available to people who are enrolled in Original Medicare, which includes Part A (hospital insurance) and Part B (medical insurance). Medigap plans are standardized and each plan offers a different set of benefits, but all plans with the same letter provide the same benefits, regardless of the insurance company that sells them. For example, Plan F provides the most comprehensive coverage, covering all of the gaps in Original Medicare, while Plan A provides the least amount of coverage. Some Medigap plans also offer additional benefits, such as coverage for foreign travel emergencies.
It’s important to note that Medigap plans do not cover prescription drugs, so if you want prescription drug coverage, you will need to enroll in a separate Medicare Part D plan. Additionally, you cannot have both a Medigap plan and a Medicare Advantage plan at the same time. If you have a Medigap plan and decide to enroll in a Medicare Advantage plan, you will need to drop your Medigap plan because it cannot be used to pay for Medicare Advantage plan costs.
Medicare Advantage and Medicare Supplement Plans Work Together
Medicare Supplement Plans, also known as Medigap plans, help fill the coverage gaps left by Original Medicare Part A and Part B. These plans help pay for costs that Original Medicare doesn’t cover, such as deductibles and co-insurance. Some Medigap plans also offer extra benefits that Original Medicare doesn’t cover, such as dental, vision, and prescription drug coverage. On the other hand, Medicare Advantage plans offer the same coverage as Original Medicare. Medicare Advantage plans are offered by private insurance companies and replace Original Medicare, while Medigap plans work alongside Original Medicare. Medicare Advantage plans often have lower out-of-pocket costs but may have more restrictions on which healthcare providers you can see.
Request a Quote
Find the right plan for your needs
You don’t have to be a licensed agent to find coverage that fits your needs. Just answer a few questions, and we’ll help simplify the process and give you options to choose from or you can explore coverage options on your own.