A Medicare Supplement Insurance (Medigap) policy helps pay some of the health care costs that Original Medicare doesn't cover, like:
Medicare Supplement Plans/Policies are designed by the Centers for Medicare & Medicaid Services (CMS), but is sold by private insurance companies.
Each insurance company that offers Medicare Supplement Insurance must offer the same exact plans and benefits.
Plans & Offerings
There are 10 plans available on the market. These are Plan A, Plan B, Plan C, Plan D, Plan F, Plan G, Plan K, Plan L, Plan M, and Plan N.
Plan F, G, & N are by far the three most popular options among senior citizens today. Plan F alone has about 46% of the total supplement plan enrollment at this time.
Each of these ten policies (A-N) has a different level of coverage. Plan A has the most basic coverage, and Plan F has the most comprehensive coverage. Just because the plan "letter" increases (from Plan B to Plan C for example), does not mean that coverage will increase or decrease.
Coverage & Benefits
Medicare Supplement Plan F is most comprehensive and covers 100% of the major "gaps" in coverage left by Medicare. It is also the most expensive. All other plans will have fewer benefits and less coverage.
Medicare Supplement Plans do not provide coverage for prescription medications. If you need coverage, you should purchase a separate Medicare Part D Drug Plan.
If a doctor accepts Medicare assignment, they will automatically accept payment from your Medicare Supplement company. All supplement insurance companies pay claims the same way, and most pay them electronically so you do not have to file any claims yourself.
If you have any questions during this process, you can also call and speak with one of our Medicare Advisors at (855) 462-0240 who will provide free assistance in Medicare & Medicare Supplement education.