Important Things to Know About Medicare Supplement Coverage
Contact us to learn more about the right Medicare Supplement Insurance coverage for you. What You Also Need To Know About Medicare Supplement Policies
Medicare Supplement Policies Are Standardized
Every Medigap policy must follow federal and state laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance.” Insurance companies can sell you only a “standardized” policy identified in most states by letters.
All policies offer the same basic benefits but some offer additional benefits, so you can choose which one meets your needs. In Massachusetts, Minnesota, and Wisconsin, Medigap policies are standardized in a different way. |
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What are Medigap Plans?
A Medicare Supplement (Medigap)
Medigap insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits and fills in the gaps that Original Medicare has..
Each insurance company decides which Medigap policies it wants to sell, although state laws might affect which ones they offer. Insurance companies that sell Medigap policies:
Keep in mind, that the Medicare Supplement policies covers co-insurance after you’ve paid the deductible (unless the Medigap policy also pays the deductible).
There are 10 Medigap Plans to choose from. They’re labeled by letters A, B, C, D, F, G, K, L, M, and N (Plans E, H, I, and J are no longer available), and each plan letter has different coverage benefits.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits and fills in the gaps that Original Medicare has..
Each insurance company decides which Medigap policies it wants to sell, although state laws might affect which ones they offer. Insurance companies that sell Medigap policies:
- Don’t have to offer every Medigap plan
- Must offer Medigap Plan A if they offer any Medigap policy
- Must also offer Plan C or Plan F if they offer any plan
Keep in mind, that the Medicare Supplement policies covers co-insurance after you’ve paid the deductible (unless the Medigap policy also pays the deductible).
There are 10 Medigap Plans to choose from. They’re labeled by letters A, B, C, D, F, G, K, L, M, and N (Plans E, H, I, and J are no longer available), and each plan letter has different coverage benefits.
How Do You Get a Medigap Plan
To qualify for a Medicare Supplement, you must first enroll in Medicare Parts A and B. Once you turn 65 and enroll in Original Medicare, you will enter your Open Enrollment period— the six-month period starting the first day of the month after you turn 65 and have Medicare Part B. During your Medigap Open Enrollment window you can not be asked Health questions , so you can not be declined and also PRE-EXISTING conditions do not factor into the approval process.
What Does It Cost?
Medigap plan monthly premiums differ depending on several factors.
Different insurers also vary their monthly rates depending on actuarial models, though many offer discounts to those who live with a spouse.
You do have the option to enroll outside of your Open Enrollment, but acceptance is not guaranteed, and you may have to pass a health underwriting exam. You can learn more about when you can buy Medigap plans here.
- Age
- Location
- Tobacco use
- Plan type (A through N)
Different insurers also vary their monthly rates depending on actuarial models, though many offer discounts to those who live with a spouse.
You do have the option to enroll outside of your Open Enrollment, but acceptance is not guaranteed, and you may have to pass a health underwriting exam. You can learn more about when you can buy Medigap plans here.
Here are the 2020 Deductibles,Copays, and Coinsurance that a Medigap policy can pay:
Medicare Part A: Hospitalization
Skilled Nursing Facility Coinsurance:
Part B deductible per year* only paid for by Plan C and F in 2020 $198.00
If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share.
- Days 1-60: 2020 $1,408.00 deductible (billed the first day)
- Days 61-90: 2020 $352.00 per day
- Days 91-150: 2020 $704.00 per day (60 reserve days)
- Days 150+: Not covered
Skilled Nursing Facility Coinsurance:
- Days 1-20: $0 per day
- Days 21-100: 2020 $176.00 per day
- Days 100+: Not covered
Part B deductible per year* only paid for by Plan C and F in 2020 $198.00
- Medicare Part B Coinsurance: 20%
- Medicare Part B Excess Charges: Up to 15% (in addition to coinsurance)
- Foreign Travel Emergency: Not covered
If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share.
Now Review The Chart And Look At The Percents % In The Boxes
What it means is the per cent in the box is the amount the Medigap policy covers. If you don’t have a Medicare Supplement, you will pay these costs associated with Original Medicare.
