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Supplemental Coverage
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Supplemental Coverage
Medicare Supplement Insurance (Medigap) is extra insurance you can buy from a private health insurance company to help pay your share of out-of-pocket costs left over after Medicare Part A and Part B have paid.
Medicare Supplement Insurance
- You must be enrolled in both Medicare Part A and Part B in order to buy a Medicare Supplement policy.
- Monthly premiums are usually based on age.
- You can go to any doctor or hospital that accepts Medicare.
- Options with low or no copays or coinsurance for a visit to the doctor or a stay in the hospital.
Medicare Supplement Insurance (Medigap)
A Medicare Supplement insurance plan, also known as Medigap, is healthcare insurance you can buy that may help pay for about 20% of the Medicare expenses that Original Medicare doesn’t cover (after your Part B deductible is met).
Coverage
Coverage Original Medicare Part A (Hospital Insurance) and Part B (Medical Insurance) pay for many, but not all, healthcare services and supplies. Medicare Supplement insurance plans help pay your share of some of the healthcare costs that Original Medicare doesn’t cover, like copayments, coinsurance and deductibles.
Medicare Supplement policies do not include prescription drug or dental coverage. Those plans can be purchased separately, however.
Medicare Supplement Insurance is different from Medicare Advantage. You can have either a Medicare Advantage Plan or a Medicare Supplement Plan, but not both at the same time.
Basic benefits:
- Part A coinsurance and hospital costs up to an additional 365 extra days after Medicare benefits are used
- Part B coinsurance or copayment
- Blood (first 3 pints)
- Part A hospice care coinsurance or copayment
Additional benefits that may be included in certain plans:
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B deductible
- Part B excess charge
- Foreign travel exchange (up to plan limits)
- Out-of-pocket limit
Enrollment
You can apply for a Medicare Supplement policy any time. However, the best time to buy a plan is during your 6-month Medicare Supplement Open Enrollment period.
Your Medicare Supplement Open Enrollment period starts the first month you are both age 65 or older and have Part B. The advantage to this enrollment period is you can buy any Medicare Supplement plan sold in your state without answering health questions. Even if you have health problems, insurance companies cannot deny you a Medicare Supplement policy and must offer the same price as people with good health.
If you apply after your open enrollment period, there is no guarantee that an insurance company will sell you a policy unless you are eligible for a guaranteed issue right. If you’re under age 65 and have Medicare, you may not be able to buy a Medicare Supplement policy or the one you want until you turn 65.
Cost
Cost Insurance companies can set their own premiums for their Medicare Supplement plans. There can be differences in the premiums that different insurance companies charge for exactly the same coverage. When shopping for a Medigap policy, be sure to compare the same policy between several insurers. For example—if you’re interested in Plan N—compare the price of Plan N from 2-3 different insurance companies. This way you will know you’re getting the best price for the plan you want.
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