Medicare Gaps Supplement Insurance | MedicareWise

What are the Various Medicare Supplement Plans Available?

If you apply for Medigap coverage, your insurance company should present you with a full breakdown of each plan's benefits. This helps you select the most suitable plan that will fully support your healthcare needs.

Currently, there are up to 10 Medicare supplement plans are available, including:

• Medicare Plan A

• Medicare Plan B

• Medicare Plan C

• Medicare Plan D

• Medicare Plan F

• Medicare Plan G

• Medicare Plan K

• Medicare Plan L 

• Medicare Plan M

• Medicare Plan N

It's important to note that the 10 Medicare supplement plans cover all your hospital expenses for Medicare Part A and your coinsurance.

How Does Medicare Supplement Work?

The primary benefit structure for all plans is the same, no matter the insurance company. The Medicare supplement works in the following steps:

Step 1: Enroll in Original Medicare Coverage

To be eligible to enroll in a Medicare Supplement insurance plan, you must get enrolled in both Medicare Part A and Part B. You're also eligible to enroll in a Medigap plan if you're about to receive Part B coverage or you're 65 years or older.

Step 2: Purchase a Medicare Supplement Plan

Medicare supplement coverage varies between each of the plans. However, they typically cover coinsurance, Medicare deductibles, copayments, and other benefits that differ between insurance companies because of their policies.

If you're planning on purchasing a Medicare Supplement plan, you'll need to consider the following factors:

• Consider whether the insurance company has a 6-month initial enrollment period that allows you to obtain any Medicare supplement plan without disapproval due to pre-existing conditions.

• Consider whether after enrollment the insurance company charges higher premiums. Other companies prevent people from accessing their chosen coverage.

• Consider whether the insurance company has a guaranteed life coverage that will protect you from getting turned down as long as you continue paying their premium.

• Consider whether the Medicare supplement plan covers private-duty nursing, dental care, or vision care.

• If you're married, consider whether your insurance company offers each partner their separate policies.

You'll need to look around because different insurance companies offer a variety of other Medicare supplement insurance plans.

Step 3: Pay a Monthly Premium for Medicare Supplement

If you obtain a Medicare supplement plan, you'll need to pay a monthly premium in addition to what you already pay for your Original Medicare. Although you'll see this as an extra expense, it helps you save the amount of money you'll need to spend on out-of-pocket treatment.

Step 4: Decide on a Primary and Secondary Payer

If you have more than one Medicare coverage, you'll need to pick a primary and secondary payer to know which coverage will get used first. Usually, your Original Medicare pays 80% of your bill. Then your Medicare supplement plan will cover the remaining 20%.

If you're considering purchasing a Medicare supplement plan, you’ll need to take into account your lifestyle and medical history. These plans cover more than just out-of-pocket costs from Original Medicare and may provide additional benefits for you.

Medicare Supplement Insurance Plan Costs

Although private insurance companies get standardized to offer the same essential benefits for each lettered plan, they can charge different premiums. Hence, the average cost of a Medicare supplement plan varies widely since several factors affect a plan's price. Typically, a Medicare supplement insurance plan cost depends on the following:

• The private insurance company you choose

• The supplement plan you select

• Your date of birth

• Your area of residence

More costly plans grant extra benefits, while plans with a higher deductible usually offer a lower monthly premium.

Also, your insurance company might use several factors to decide the cost of a Medicare supplement plan. They might use the facets below to determine the pricing of their premium plans.

Community (Not Age Rated)

Your insurance company will charge the same premiums across the board, regardless of age.

Issue-Age-Rated

The monthly premium depends on the age of the person buying it. Hence, the younger you are, the lower your premium.

Attained-Age-Rated

Here, the costs of premiums increase as you get older.