Are you considering getting a Medicare Supplement plan? Maybe you want to find out more about Medicare Supplement insurance. Make sure you understand what different plans cover so you can find a plan that may best meet your needs.
What is a Medicare Supplement plan?
Let’s start with a bit of background about Medicare Supplement (also called Medigap) plans.
Private insurance companies offer Medicare Supplement plans to help pay Medicare’s out-of-pocket costs. Different Medicare Supplement plans pay for different amounts of those costs, such as copayments, coinsurance, and deductibles, and fill in some other “gaps” in Medicare coverage.
In 47 states, Medicare Supplement plans are standardized into 10 different sets of benefits, labeled by alphabetical letters so that you can easily compare plans sold by different insurance companies. For example, Medicare Supplement Plan A (not to be confused with Medicare Part A) includes the same benefits no matter where you buy this plan (however, some insurance companies might offer additional benefits).
Massachusetts, Minnesota, and Wisconsin have different standardized Medicare Supplement plans than the 10 types offered elsewhere in the United States. Please note that all insurance companies won’t necessarily offer all the types of Medicare Supplement plans.
When you buy a Medicare Supplement plan, you generally pay a premium to the insurance company for your coverage. Typically, as long as you continue to pay your premium and have