How Much Does Supplemental Medicare Insurance Cost? One of the most frequent questions we get is, “What is the average cost of supplemental health insurance for seniors?” Medigap, also known as Medicare supplement insurance, is a group of standardized plans that help cover the gaps in Original Medicare health insurance. And, unfortunately, stating an average […]
Supplemental Insurance for Original Medicare
Medicare Supplements are additional insurance policies that Medicare beneficiaries can purchase to cover the gaps in their Original Medicare (Medicare Part A and Medicare Part B) health insurance coverage. Dubbed Medigap by the federal Medicare program, these policies help pay some of the deductibles, copayments, and coinsurance shared costs that are built into Medicare.
In all but three states, Medicare supplements are standardized into 10 lettered Medigap plans (A, B, C, D, F, G, K, L, M, and N). Each lettered plan, regardless of which insurance carrier offers it, has the exact same benefits. So if you buy a Plan F policy from AARP, for example, it will have all of the same features, benefits, and coverages as a Plan F policy from Aetna, Blue Cross Blue Shield, etc.
The only difference Medicare supplement insurance companies can make to their policies is the monthly premium, how they calculate the monthly premium, and the premium increases.
Also, because supplemental Medicare insurance is not health insurance (it is a form of indemnity insurance), insurance carriers are not obligated to sell a policy. The only obligation to sell a policy is when a Medicare beneficiary has a guaranteed issue right, which, for most people, only happens when they turn age 65.
What You Must Know to Avoid Financial Ruin & Get What You Deserve Sixty million people (51 million seniors and 9 million adults with disabilities) use Medicare for their health insurance coverage. To understand what Medicare covers and how it provides coverage benefits, you need to know the ABCs and D of Medicare: Medicare Part A covers your […]
Original Medicare provides decent health insurance coverage for your major medical, but it doesn’t cover everything. However, you have the option to fill most of the coverage gaps by purchasing a Medicare supplement plan, also known as Medigap. While it might initially seem complicated, if you follow our five-step plan, you’ll be well on your […]
There is a lot of confusion about the open enrollment period for supplemental Medicare insurance (aka, Medigap). In this brief article, we’ll answer the two most common questions, including when is it and how long does it last. When is Medicare Supplement Open Enrollment? It’s easy to be tricked into thinking that open enrollment for […]
What is Medicare Plan N? Medicare Supplemental Plan N is one of the ten standardized Medigap plans. Although it is one of the newest plans available, Medicare Plan N is quickly becoming a favorite with Baby Boomers aging into their Medicare benefits. This is particularly true of Baby Boomers who are accustomed to sharing healthcare […]
We often get questions from people about to retire who are concerned about their budget. This is understandable because a fixed budget can put the squeeze on your finances. Recently I got a question from a friend with Social Security disability benefits that has had her Medicare since she was in her 50s. Now turning […]
When Can I Change My Medicare Supplemental Insurance Plan? Unlike Medicare Advantage and Medicare Part D, there isn’t an Annual Election Period (open enrollment) for Medicare supplements. That’s good news. The bad news is that switching Medicare supplements – to a different carrier for a better rate or to a different plan for better coverage […]
What Are The Best Medicare Supplement Plans? When shopping and comparing Medicare supplement plans, the most important thing to understand is the amount of coverage you need. The reason for this is that supplemental Medicare insurance (aka, Medigap) is standardized. That means that a Medicare Plan G sold by AARP, for instance, has exactly the […]
When you’re first eligible for Medicare (Parts A and B), you also have a one-time opportunity to apply for Medicare supplement insurance without having to go through medical underwriting. This benefit, called guaranteed issue rights, is only available once, and the window of opportunity is only 6-months. In this article we’re going to answer an […]
Medicare supplements, also called Medigap plans, are supplemental insurance policies for people with Original Medicare. Unlike Medicare Advantage plans, which completely replace your traditional Medicare benefits, no insurance companies offer Medigap plans with no premiums. Here’s why. Original Medicare and Medicare Advantage are both government health insurance products. These products are broken up into four […]
The high deductible version of Medicare Plan G has the same coverage benefits as the regular Medigap Plan G, but you pay all costs until your Medicare-approved costs reach the annual deductible. According to Medicare.gov, High Deductible Medicare Plan G is only available if you first become eligible for Medicare benefits due to age, disability, […]
Nearly 11 million Medicare beneficiaries use Medicare Supplement insurance to cover the gaps in their traditional Medicare coverage. Also known as Medigap plans, supplemental Medicare policies help pay a portion of the shared costs baked into the original Medicare system. Available in all 50 states, supplements are the popular choice for people who don’t want […]
Many seniors are shocked to learn that Original Medicare (Part A and Part B) only pays about 80% of Medicare-covered costs and that there’s no out of pocket maximum on the costs that beneficiaries pay (the remaining 20%). Learning this is when most people become interested in supplemental Medicare insurance. A Medicare Supplement plan (aka, […]
A Medicare Supplement plan is additional insurance that works in conjunction with Medicare Part A and Medicare Part B benefits. There are 10 standardized plans, A to N. Each lettered plan offers a different level of coverage to suit a variety of needs. Before we get into the plans, and what they have to offer, […]
Medicare Supplement vs. Medicare Advantage: Which is Better? Before 2003, when Medicare added the private health insurance option, known as Medicare Advantage, seniors only had two options: pay out-of-pocket or buy a Medicare supplement. Now there’s anon-going debate as to which option is better. Answering this important question is made all the more difficult by […]