With so many plans, selecting a Medicare supplement insurance policy might seem confusing at first. Fortunately, help is available right here.
An Introduction
First, you’ll want to understand the concept of Medicare supplement insurance (or Medigap). These policies offer benefits that work with Medicare to provide health care coverage (learn Medicare basics). There are 11 standardized Medicare supplement insurance plans available through private insurance companies. (In MA, MN and WI, Medicare supplement plans are standardized in a different way). These standardized plans provide different combinations of benefits. Each insurance company must have Plan A and if it offers its customers any of the remaining plans, those must include Plans C or F (some states require companies to offer specific plans in the state).
Your Rights
It’s important to know your rights when choosing a Medicare supplement insurance plan. During your Medicare open enrollment period, you have to the right to buy any Medicare supplement insurance policy offered in your state. Please see When to Buy for more open enrollment information.
Medicare supplement insurance is for people age 65 and older. But, in some states, specific plans may be available for coverage to persons under age 65 who are eligible for Medicare due to a disability. An insurance agent can help determine if this applies in your state.
How to Choose Your Plan
Once you have determined eligibility, it's time to select a Medicares supplement plan. First, take stock of the benefits you need. Consider any recurring medical expenses you have and how much you can pay out of pocket for deductibles and copayments. Compare your needs to what Medicare covers and determine where the financial gaps are. Then, as best you can, match a Medicare supplement plan to your needs. A licensed insurance agent can help you through this process. You can also use our guide to types of Medigap insurance chart to help you find the plan that may best fit your situation.
Basic Benefits
Every Medicare supplement plan includes these basic benefits:
- Hospitalization: Medicare Part A coinsurance and coverage for 365 additional days after Medicare benefits end
- Hospice Care: Outpatient prescription drug copayment and inpatient respite care coinsurance
- Medical Expenses: Medicare Part B coinsurance (generally 20% of Medicare-approved expenses) for physician’s services and supplies, physical and speech therapy and ambulance service; copayment for hospital outpatient services
- Blood: First three pints of blood each year
Plan A offers only these basic benefits; every other plan has additional benefits. See the Plan Chart for selecting a Medicare supplement insurance plan
More Medicare supplement Questions:
- Do I Qualify for Medicare Supplement Insurance?
- See an explanation of eligibility guidelines for Medicare supplement insurance
- What Types of Medicare Supplement Insurance are Available?
- View explanations of the different types of available Medicare supplement insurance
- How Do I Apply for Medicare Supplement Insurance?
- Learn how to apply for a Medicare supplement insurance policy
- What Happens Once I Own My Medicare Supplement Insurance Policy?
- What happens now? Generally, Medicare Supplement policies begin the first of the month after you apply. Your Medicare supplement policy is guaranteed renewable as long as the premiums are paid on time and the information is correct on your application.
