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What are Medicare Supplements?

Medicare Supplement plans, also known as Medigap plans, are policies that help pay for the excess charges left over by Medicare. These costs are things like your deductibles and coinsurance.

Medicare Supplement policies are sold by private insurance companies that are licensed to sell Medicare plans. They help you pay for out-of-pocket costs for services covered under Medicare Part A and Part B. These costs include deductibles, coinsurance, copayments, hospital costs after Medicare pays its share, skilled nursing facility costs, and more. Some Medicare Supplement insurance plans even include coverage for medical services while traveling outside the United States.

What are the different Plans?

There are generally considered to be 10 different Medicare Supplement plans. Not every plan is available to every Medicare beneficiary and not every Medicare Supplement company offers every Medicare Supplement Plan.

Different Medicare Supplement plans are labeled with a different letter between A through N. 

Medicare Supplements feature different benefits. However, each plan must have the same standardized coverage no matter which insurance company you purchase the plan from. The only difference between companies is the price.

The Medicare Policy Experts are able to help you find the best for your Medigap Plan at the best price.

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What do Medicare Supplement Plans Cover?

Original Medicare only covers 80% of your Part B expenses. The other 20% comes out of your pocket if you do not have a Medigap policy. If you were to have lengthy treatment or some seriously expensive ones, you can see how that could rack up.  

Medicare Supplements pay that 20% for you.

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Which Medicare Supplement Plan Should I Choose?

Some Medicare beneficiaries want a plan that covers everything so they don’t have to worry about out-of-pocket expenses. Others simply want some of their deductibles and copays paid for but are mostly worried about low premiums.

 

Ultimately, the choice is up to you. However, the Medicare Policy Experts are happy to help you figure out which plan is the best for you.

Plan F is considered the best in terms of providing the most coverage, but is not available to anyone enrolling in Medicare after January 1, 2020.

 

Plan G is generally considered second best since it provides the same coverage as Plan F, with the exception of the Part B deductible.

When can I enroll in a Medicare Supplement?

Once you have Medicare Part B, you have six months to enroll in a Medicare Supplement plan with no health questions.

 

This is a one-time open enrollment in which you cannot be turned down for any health conditions, you cannot be asked any medical questions, and you cannot be charged an additional premium for health reasons. 

However, once this one-time enrollment is over, insurance companies can begin to refuse you based on health. 

This is why open enrollment is an important time to remember.

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