Medicare Supplement (Medigap)

A Medicare Supplement Plan is private insurance that helps pay the “gap” between what’s covered by Original Medicare and what’s not. (Example: deductibles, coinsurance, and co-pays).

You must have Original Medicare Part A (hospital) and Part B (medical) in order to purchase a Medigap (Supplement)
plan.

Medigap (Supplement) plans do not cover prescription drugs. You must have a Prescription Drug Plan (Part D) to cover
your prescription medication.

Buy a policy when you’re first eligible

I’m 65 or older.

Your Medigap open enrollment period begins when you enroll in Part B and can’t be changed or repeated. In most cases, it makes sense to enroll in Part B when you’re first eligible, because you might otherwise have to pay a Part B late enrollment penalty.

I’m turning 65.

The best time to buy a Medigap policy is the 6-month period that starts the first day of the month you’re 65 or older and enrolled in Part B.

If you purchase Medigap (Supplement) coverage during your initial enrollment period, there is no medical underwriting. This means you cannot be denied coverage or charged extra for health reasons.

I’m under 65.

Federal law doesn’t require insurance companies to sell Medigap policies to people under 65. If you’re under 65, you might not be able to buy the Medigap policy you want, or any Medigap policy, until you turn 65. However, some states require Medigap insurance companies to sell you a Medigap policy, even if you’re under 65. If you’re able to buy one, it may cost you more.

I have group health coverage through an employer or union.

If you have group health coverage through an employer or union because either you or your spouse is currently working, you may want to wait to enroll in Part B. Employer plans often provide coverage similar to Medigap, so you don’t need a Medigap policy.

When your employer coverage ends, you’ll get a chance to enroll in Part B without a late enrollment penalty.

All Medigap (Supplement) policies must adhere to federal and state laws. They are standardized according to their benefits. This is true regardless of the issuing insurance company.

Standardized Medigap (Supplement) plans are identified by the letters A through N. Each policy with the same letter must offer the same basic benefits, no matter which insurance company sells it.

The only difference between Medigap (Supplement) plans with the same letter sold by different insurance companies is typically the cost. So when choosing Medigap (Supplement) coverage, it is important to select a reliable insurance carrier and shop around for the best price.

Contact Go2insurance360 for more detailed information about your Medicare options at 240-994-3080.