Medicare Supplement Insurance (also known as Medigap) is a private supplemental health insurance plan that is for people who already have Medicare. It provides coverage for any medical expenses that aren’t covered or fully covered by Medicare.
In order to be eligible for Medicare Supplement Insurance you must first be enrolled in Part A & B of Medicare.
Enrolling in Medicare Supplemental Insurance begins within six months of turning 65 years old, or within six months of enrolling in Medicare Part B at the age of 65 years or older. The great thing about enrolling in Medicare Supplemental Insurance is you may do so without any medical exams or screening. Plus the plans are guaranteed issue!
If you are applying outside of the annual open enrollment period the issuing insurance company may require medical screenings while requesting an attending physician’s statement.
The different types of Medicare Supplement plans
Selecting a Medigap plan can be extremely frustrating. To the point that most health insurance agents don’t even bother to learn or get licensed to offer it to their client base! When looking for a policy it’s best to get the help of a genuine expert as there are many types of plans to choose from and you want to be certain you’re choosing the right one.
The plans range from A through N, as of June 2010 plans M and N were introduced.
Some things you should know
- Firstly, every medicare supplement plan is regulated with the same benefits, to give you an example a plan D in Illinois would have the same benefits as a plan D in Wisconsin. The only differences are the cost of the plan and whether or not that plan is available in your state.
- Secondly, your monthly premium can be different depending on which state you reside in. There are some cases where there will be a large difference in the cost of a Medicare Supplement policy. The best way to navigate these dangerous waters is to work with a licensed and experienced Insurance Agent.
