Medicare Supplement Insurance, also known as Medigap, are sold by private companies and helps fill “gaps” in Original Medicare. Original Medicare will cover much of your health care costs, but it won’t cover everything. This is where a Medicare Supplement (Medigap) policy can come into play and pay some of the remaining health care costs, like:
Some Medigap policies will even cover services that Original Medicare doesn’t, such as medical care when you travel outside the U.S.
If you have Original Medicare and choose to buy a Medigap plan, it’s important to know how they work:
- Medicare will pay its portion of the Medicare-approved amount for your health care costs.
- Once that portion is paid, your Medigap policy will be able to pay its share.
What are the Medicare Supplement Plans?
The ten Medicare Supplement Plans are labeled as A, B, C, D, F, G, K, L, M, and N. Each plan includes a different percentage of coverage, from the most basic to the most comprehensive.
Plans C and F are no longer available to anyone who was not eligible for Medicare before January 1, 2020. Plan F does provide the most coverage, but because of its limited availability, Plan G now offers the most, with the exception of not covering the Part B deductible.
Plans F and G also offer high deductible options, which means you must meet the high deductible before your coverage can start.
Medigap Open Enrollment
Enrollment for Medicare Supplement Plans begins as soon as you are 65 and your Part B coverage becomes effective. Then, you will have six months to enroll in a supplement plan without being refused coverage because of health conditions. You also won’t be charged extra premiums or asked any medical questions by the insurer.
However, we strongly advise not missing this period if you want a Medigap plan! During this period, you will have a guaranteed issue right to join a Medigap plan, but once this period is over, insurance companies will have you go through an underwriting process where you may or may not be approved for a Medigap plan.