Medicare Supplement Insurance
Medicare Supplement Insurance also know as Medigap Insurance or Medigap plans. These plans (hence the names) fill in the gaps (or supplement) the fees left over by Medicare in a person’s cost of health care.
For example: In many cases Medicare pays 80% of the cost of health care and the individual is responsible for the 20% balance and any deductibles. Medicare Supplement Insurance plans will pay these remaining costs for you.
Medicare Supplement Insurance plans do vary from one letttered plan to another so check out the Medicare Supplement Comparison Chart for easy comparison between Medicare Supplement plans. while some pay everything left over by Medicare and some leave a little behind for the individual while still protecting them from huge medical bills.
These plans are offered by private health insurers Like Mutula of Omaha, United Healthcare (The AARP plan) but are all standardized by the federal government and oversight is provided by CMS. (Center for Medicare and Medicaid Services) see our Medicare Supplement Comparison Chart and other pages for additional information and details on each type of Medicare supplement plan.
In this section of the website you will find some information on Medicare Supplemental Insurance Plans a.k.a. Medigap Insurance, What Medicare Supplement Insurance plans Cover, Comparing Medicare Supplement Insurance, Plan F, Plan G, Plan N, and which Medicare Supplement plan is right for you.
For more detailed or specific information on premiums on all the available plans in your area click on one of our quotes buttons or fill out one of our consulattion request forms.
Medicare Supplement Insurance - Standardized Plans (Issued after 6-01-2010)
There are 10 standardized Medigap plans which are identified with the letters A, B, C, D, F, G, K, L, M, and N. (There are no E, H, I, or J issued after 06-01-2010)
All Medicare Supplement Insurance plans with the same letter offer the same basic medical benefits, but will often have a diverse range of premiums. For example a Medicare Supplement Plan F in Philadelphia Pennsylvania for a 65 year old Female can range from $152-$233 for the same exact plan. Plans vary slightly between letters to offer choice between letters and also will have very wide range of premiums. See Medicare Supplement plan F vs Plan G to see how similar these two plans are...
Why aren't all Medicare Supplement plans available in my area?
In any geographic are Medicare Supplement companies are only required to offer Plan A, and then they must offer either Medicare Supplement Insurance Plan “C” or Plan “F”. Beyond that insurers can offer whatever additional plans they feel the market and individuals want to purchase. Some plans are not very popular and would cost a company more to offer a lesser plan that had higher premiums so it doesnt make economic sense to either the company or the individual. Therefore you will find that most companies do not offer most plans.
The most popular plans with consumers representing about 94% of all plans purchase in 2012 are Supplement Plans F, G and N.
To enroll in a Medicare Supplement plan you must have both Medicare Part A and Part B, and there are no medical questions or qualification if purchased within 6 monthe of your Medicare Part B effective date.
Also, Medicare Supplement insurance plans are guaranteed renewable which means once the policy is issued the issuer can never cancel you policy for any reason UNLESS you forget to pay your premium. For this reason most people will have the premiums automatically withdrawn from there bank account, and in miost cases this is required for monthly customers. This is strongly encouraged so there is no chance a premium is missed if you are incapacitated or just forget.
Medigap insurance plans are slightly different in Massachusetts, Minnesota, and Wisconsin. For more information see Medicare Supplement Plans by State.
Do not confuse Medicare Supplement Insurance (Medigap) with Medicare Advantage plans. These are 2 completely different categories, and have significantly different characteristic. See Medicare Advantage (MA) for more information on these plans or simply REQUEST A FREE MEDICARE INSURANCE CONSULTATION from one of our advisors.