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Your basic introduction to Medicare Supplement plans

by Lauren Mandel

According to a survey recently conducted by GoHealth, 72 percent of Medicare-eligible Americans want more information about Medigap to help them better shop for coverage.

You talked; we listened.

In this blog post, we’re sharing information that will hopefully help Americans better understand Medicare Supplement plans, often referred to as Medigap.

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To start, what is a Medicare Supplement plan? Medicare Supplement plans are sold by private insurance companies and can help close any gaps in Medicare coverage. For example, Medicare Supplement plans can be used to help pay for certain health care costs, such as copayments, coinsurance, and travel insurance costs. Some of these costs may not be covered without a Medicare Supplement plan.

How much will a Medicare Supplement plan cost? There are 10 different kinds of Medigap policies, and costs for these plans can vary based on things like what type of plan you choose and where you live. If you’re considering a Medicare Supplement plan, it’s best to consider your health care needs and all of your plan options before enrolling. Payments are made through a monthly premium, similar to individual health insurance plans.

Who can get a Medicare Supplement plan? If you are eligible for Medicare, you may have the option to purchase a Medicare Supplement plan. However, there is an additional requirement to be eligible for a Medicare Supplement plan: you must already have Medicare Parts A & B. Remember that you have until 6 months after your 65th birthday to find a Medicare Supplement plan. While you may be able to get a Medigap policy after this time period,  your options may be more limited and prices may increase.

Have additional questions about Medicare Supplement plans? We’d love to hear from you! Leave your questions in the comments section below.

 

 

 

This information is for educational purposes only. Medicare has neither reviewed nor endorsed this information.

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