While Original Medicare covers most basic healthcare needs, you are typically left responsible for deductibles, coinsurance and copayments. These out-of-pocket expenses can add up fast, making Medicare Supplement plans an important consideration for Medicare beneficiaries.
What are Medicare Supplement plans?
Medicare Supplement plans—also known as Medigap insurance—help cover gaps in coverage from Medicare Part A and Part B. Supplement plans help pay for some of the remaining healthcare costs like copayments, coinsurance and deductibles.
Understand Your Medicare Coverage Needs
Before you start your search for Medicare Supplement plans, it’s important to fully understand your health history and your coverage needs. If you are someone who needs regular doctor visits, you might be concerned about out-of-pocket costs, making supplement plans a viable option for you.
Explore the Medicare Supplement Alphabet
Medicare Supplement insurance plans are denoted by the letters A through N (plans C, E, F, H, I and J are no longer sold). It’s important to note that Medicare Part A and Part B are not the same as Medigap Plan A and Medigap Plan B. The most popular Medicare Supplement plans are Plan G and Plan N. Plan G is considered to provide the broadest medicare supplement coverage and often covers all the gaps left by Medicare Parts A and B.
The main benefit of Medicare Supplement plans is that they are all standardized and can be used anywhere that accepts Medicare. Since the plans are standardized, there is typically no difference in the benefits offered between insurers, meaning Plan A from one insurer is the same as the Plan A from another insurer. This makes shopping easy, as you only need to compare prices and choose a company you trust.
The Cost of Medicare Supplement
If you enroll in a Medicare Supplement plan, you will pay a monthly premium to the insurance company in addition to your Medicare Part B premium. The cost of your plan depends on various factors, such as the type of policy you buy, the insurance company, your location and your age. Although premiums vary among insurance companies, the benefits of each standard plan is always the same and the premium cost is offset by lower annual out-of-pocket costs for healthcare services.
SelectQuote can help you navigate the complexities of Medicare, walking you step-by-step through the process to help you find the most affordable option that’s available to you. Save yourself time and let us do the comparing.