Medicare Supplement Plans Comparison Chart 2020 Medicare supplements, which are identified by plans A – N, cover the gaps in Original Medicare coverage. That’s why Medicare calls them Medigap plans. One of the most beneficial aspects of the lettered plan system is that it lets you compare supplemental Medicare plans side-by-side. To make it as […]
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.
Is Medicare Plan F going away? Yes. As of 1 January 2020, this popular plan is no longer available to people turning age 65. But, don’t fret, you can still get excellent coverage. What Happened to Medigap Plan F? For decades, Medicare Supplement Plan F (aka, Medigap Plan F and Medicare Plan F) was the […]
In this MedicareWire article, we’ll do our best to help you understand which type of Medicare insurance is right for you. Our Medicare system is full of options, and deciding between Medicare Advantage and a Medicare Supplement plan is a big decision. Comparing Medicare Advantage and Medigap (Medicare Supplements) Medicare Advantage replaces your Original Medicare benefits with […]
It has long been assumed that Medicare Advantage plans are the way to go if you need a low monthly premium. The risk trade-off, of course, is higher out of pocket costs until you reach the annual spending limit. However, the premiums are so low on most of the basic plans that many seniors wonder, […]
What is “Guaranteed Issue” for Medicare Supplement? Guaranteed-issue is a right granted to Medicare beneficiaries and applies to supplemental Medicare insurance (aka, Medigap). All states and the federal government enforce this essential right, which protects you from medical underwriting. Unlike regular health insurance, which was reformed by the Affordable Care Act (Obamacare), supplemental Medicare insurance […]
Medicare Supplement Plan C, also called Medigap Plan C, is one of the most comprehensive of the 10 standardized supplemental Medicare plans available in most states. In fact, only Medicare Plan F offers more coverage. For its beneficiaries, this top-tier plan covers most Medicare-approved out-of-pocket costs. NOTE: Medicare Plan C, along with Plan F, is […]
What is Medicare Plan D? Medicare Plan D is one of the ten standardized Medigap plans, which is also known as Medicare Supplement Plan D or Medigap Plan D. It is often confused with Medicare Part D, which is your prescription drug coverage. A good way to remember the difference is that only Medicare has […]
As October approaches, like clockwork the Medicare commercials begin on TV. As if Medicare isn’t confusing enough already, none of us need the bombardment of hype from insurance marketing organizations, like AARP. Nevertheless, it’s here and will be with us until early December. One area of confusion for many seniors has to do with the […]
Supplemental Medicare insurance helps cover certain out-of-pocket costs that Original Medicare (Part A and Part B) don’t pay. These gaps in Medicare coverage include deductibles, coinsurance, and copayments that make up a beneficiary’s shared-costs. Medicare Plan A the most basic of all Medicare supplements available to help cover some of these costs. Medicare Supplement Plan […]
Medicare supplement insurance (aka, Medigap) is additional insurance you can buy to help cover some of the out-of-pocket costs included with Original Medicare (Part A hospital coverage and Part B medical coverage). These costs include the deductibles, copayments, and coinsurance that must be paid when you use healthcare services. By design, Original Medicare only covers […]
If you’re under the age of 65 and you qualify for Medicare benefits due to a disability or End-Stage Renal Disease (ESRD), you may or may not be able to purchase Medicare supplement insurance. It all depends on where you live. However, you absolutely will once you do turn age 65. Medicare Supplement Plans for […]
Medigap Plan M offers good coverage for healthy people who are unlikely to incur excess charges or require hospitalization. Although the coverage is similar, Plan M is not as popular as Medicare Plan N due to its typical premiums, which tend to run a bit higher. A Medicare Plan M policy covers the following Medicare […]
What is a Medicare SELECT policy? Prior to the advent of Medicare Advantage, Medicare Supplement insurance companies contracted with local hospitals and doctors to get favorable rates for their policyholders. These unique Medigap plans became known as Medicare SELECT policies. Although Medicare SELECT policies are not available everywhere, where available they offer significant savings. In […]
Medigap is Medicare’s terminology for private insurance that covers the gaps between your traditional Medicare benefits and what you must pay out of pocket. These gaps include: Medicare Part A Coinsurance & Hospital Costs Medicare Part A Skilled Nursing Facility Coinsurance Medicare Part A Deductible Medicare Part A Hospice Care Coinsurance or Copayment Medicare Part […]
In dictionaries the word gap means a break, a separation, an incompleteness or deficiency. In Medicare it means the same thing, but it refers specifically to something that is missing from your health insurance coverage. Many seniors make a critical mistake when they buy into government literature that explains how Medicare pays for eighty percent […]