Original Medicare helps cover many health care services, but it does not pay every cost. A Medicare Supplement plan, also called Medigap, is private insurance designed to help pay certain out-of-pocket costs associated with Original Medicare.
How does a Medicare Supplement plan work?
When you receive a Medicare-covered service, Original Medicare pays its share of the approved amount. Your Medicare Supplement policy then helps pay eligible costs according to the benefits included in your policy.
Depending on the plan, these costs may include certain deductibles, copayments, and coinsurance.
You generally need both Medicare Part A and Part B to purchase a Medicare Supplement policy.
Are all Medicare Supplement plans the same?
Medicare Supplement plans are identified by letters, such as Plan G or Plan N. In most states, plans with the same letter provide the same standardized basic benefits, although premiums and insurance companies can differ.
Some states standardize their plans differently. Availability and pricing also vary by location and insurer.
Does a Medicare Supplement plan include prescriptions?
Medicare Supplement plans sold today do not include Medicare prescription drug coverage. If you want Part D coverage, you generally need to enroll in a separate prescription drug plan.
When can you enroll?
Your Medigap Open Enrollment Period generally begins when you are at least 65 and enrolled in Part B. During that six-month period, you have important protections when purchasing a policy.
Outside that period, your ability to buy a policy and the premium you pay may depend on your health, state rules, or whether you have a guaranteed issue right.
Can you have a Medicare Supplement plan and Medicare Advantage?
A Medicare Supplement policy is designed to work with Original Medicare. It does not pay Medicare Advantage plan costs.
Want to learn whether a Medicare Supplement plan may fit your needs? Contact our office at (210) 744-0553 to discuss your options and enrollment timing.