Medicare Supplemental Plans
Medicare Supplemental plans (also called Medigap plans) provide coverage for the gaps left behind by Medicare Parts A and B.
What is Medigap?
Medigap plans are supplemental insurance plans, offered by private insurance companies, that bridge the gaps left behind by Original Medicare (Parts A and B) and help manage the costs associated with deductibles, coinsurance, and copays.
They tend to work similarly to Original Medicare since they were designed to supplement it. When you go to a healthcare provider, you need to bring your Medicare A and B card, as well as your Medigap card. The provider will bill Medicare first; after Medicare pays its portion, the remaining balance will be transferred to your chosen Medigap company. The plan you select will ultimately determine what you owe.
Medigap plans don’t require pre-authorization like Medicare Advantage, and are yours for life unless you fail to pay for them. They’re also federally standardized plans like Original Medicare, so you can receive the same coverage throughout the United States.
Details About Medigap Plans
You have the flexibility to change your plan throughout the year. You can technically change it anytime, but likely be subject to medical underwriting, and even if you pass, you may face a higher premium based on your current health status
The cost of your plan depends on your carrier, where you live, your health, and several other factors. The average monthly premium for is $155.
Of the 8 Medicare Supplemental plans, 2 plans (Plan C & Plan F) are only available to those born on or before January 1, 1955.
Plan coverage stays the same from carrier to carrier, but the premiums may vary based on your carrier.