Medicare Supplement Insurance Plans: Your Comprehensive Guide

Medicare Supplement Insurance Plans, also known as Medigap, are policies you can buy from a private health insurance company to help pay your share of out-of-pocket costs in Original Medicare.

What are Medicare Supplement Insurance Plans?

Medicare Supplement Insurance Plans are designed to cover the “gaps” in Original Medicare coverage. These gaps include costs like copayments, coinsurance, and deductibles. You must have Original Medicare – Part A (Hospital Insurance) and Part B (Medical Insurance) – to buy a Medigap policy.

Benefits of Medicare Supplement Insurance Plans

Medicare Supplement Insurance Plans help pay for some out-of-pocket medical costs that are not covered under Original Medicare. This can include costs like copayments, coinsurance, and deductibles.

Types of Medicare Supplement Insurance Plans

In most states, there are 10 government-standardized Medigap plan types. Each type offers different benefits and costs, and availability can vary by location.

Considerations Before Buying a Medicare Supplement Insurance Plan

Before buying a Medicare Supplement Insurance Plan, it’s important to understand the potential implications. For instance, 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. However, they must offer Medigap Plan A if they offer any Medigap policy. They must also offer Plan C or Plan F, if they offer any plan at all.

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