Medicare Supplements, also known as Medigap plans, are plans that help you fill the “gaps” in Original Medicare, by covering the out-of-pocket costs associated with Original Medicare. These policies are sold by private insurance companies and work in tandem with Original Medicare.
Since Original Medicare requires that you pay up to 20% of all Part B services, you could be faced with a large financial burden if having to pay that 20% on your own. A Medicare Supplement policy can help pay some of the remaining health care service costs, such as copayments, coinsurance and deductibles.
However, unlike Medicare Advantage plans, Medicare Supplement plans do not offer coverage for additional benefits. These policies generally don’t cover dental, vision and hearing services, wellness care and other added benefits that a Medicare Advantage plan covers. Also, prescription drugs are not covered by a Medicare Supplement plan, so a stand-alone prescription drug plan would need to be added.
There are 10 Medicare Supplement plans available (depending on where you live and when you became eligible for Medicare). Each policy offers a different set of standardized benefits, meaning that Plan A with one insurance carrier offers the same benefits as Plan A with a different insurance carrier. However, premium amounts can vary from company to company.
See the chart below for a list of Medicare Supplement plans and their coverage levels:
* Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of $2,700 in 2023 before your policy pays anything. (Plans C and F aren’t available to people who were newly eligible for Medicare on or after January 1, 2020.)
** For Plans K and L, after you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.
*** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in inpatient admission.
When your life is full of choices, choosing your insurance can sometimes be very confusing–but it doesn’t have to be.
At Bethany Boos Insurance, we look forward to helping you navigate your insurance needs in any way possible, including with a free quote for one of our many plans. We can help you compare your options and choose the plan that best fits your healthcare needs and budget. We work with the top insurance carriers, so we can provide unbiased guidance and help you find the plan that’s right for you.
To get started, fill out the form and let us know how we can help. We’ll be in touch within 24 business hours to set up a time to talk. All services are no-cost, no-obligation.
We’re here to help you every step of the way.
*Medicare/CMS has neither reviewed nor endorsed this information. Bethany Boos Insurance, LLC is not connected or affiliated with any United States Government or State agency. Contacting us will direct you to an independent licensed broker.
**By submitting this form and providing this information, you agree that a licensed insurance agent may contact you by phone, e-mail or mail to answer your questions and provide additional information about Medicare Advantage, Part D or Medicare Supplement Insurance Plans. This is a solicitation for insurance.