Top 10 things to know about Medicare Supplement Plans

Here are top 10 things to know about Medicare Supplement Plans:

Let’s start with the basics:

1.  What is Medicare Supplement Insurance? Medicare Supplement insurance policies (sometimes called “Medigap” policies) are specifically designed to cover certain expenses not covered by your Original Medicare hospital insurance (Part A) and medical insurance (Part B) coverage. In other words, Medicare supplement policies can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.

2.   You must have Medicare Part A and Part B. Some people get Medicare Part A and Medicare Part B automatically and other people have to sign up for it. You can get help enrolling in Part A and Part B by contacting your local Social Security Office.

3. Medicare Supplement Plan is not the same as a Medicare Advantage plan. You can not have both! If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can leave the Medicare Advantage Plan before your Medigap policy begins.
4. You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare.
5. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you'll each have to buy separate policies.
6. Medigap is not sold by the government. You can buy a Medigap policy from any insurance company or licensed insurance agent. If you don’t have an agent, you are welcome to reach out to us! We love helping people!
7. The best time to buy a Medicare supplement policy is during your 6-month open enrollment period. During that time you can buy any Medigap policy, even if you have health problems or preexisting conditions.  After this enrollment period, you may not be able to buy a Medigap policy. In some cases you may still get it, but you will be subject to underwriting and, it may cost more.  
8. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you pay the premium.
9. Some Medigap policies sold in the past covered prescription drugs, but Medigap policies sold after January 1, 2006 aren't allowed to include prescription medication coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).

10.  Some Medigap policies also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. Standard Medigap Plans C, D, F, G, M, and N provide foreign travel emergency health care coverage when you travel outside the U.S.