Medigap vs Medicare Supplemental Insurance Plans

What’s the difference between Medigap and Medicare Supplemental Insurance?

Is Medigap Plan F the same as Medicare Supplemental Insurance Plan F?

What does each of these plans offer me in terms of coverage?

These are just a few of the many questions that enrollees ask when first becoming eligible for Medicare.  Thankfully, we have all the answers you will need!  There are absolutely NO differences between Medigap and Medicare Supplemental Insurance Plans, they are in fact synonymous for the exact same type of health insurance.  Each of these ten standardized plans are offered by private insurance carriers and were put in place to help cover some of the out of pocket expenses that are not covered under Medicare Part A and B.

Medicare Part A – Hospital Insurance

Medicare Part B – Medical Insurance

Medigap insurance plans work in conjunction with Medicare Part A and B to help with out-of-pocket expenses such as deductibles, copayments, and co-insurance amounts.  Medicare Part A and Part B pay its share of Medicare approved expenses that patients receive.  In order to enroll in Medigap you must be enrolled in both Medicare Part A and Part B.

Standard Benefits

One of the benefits that come along with Medigap is knowing that no matter where you purchase your insurance plan from it provides the same coverage.  Medigap Plans are regulated under both federal and state laws in order to protect enrollees.  Each policy must be identified as a Medicare Supplemental Insurance Plan which is identified by a letter.

Cost and Availability

No matter what insurance company sells you Medigap each standard plan of the same letter offers the same basic benefits.  Plan premiums can and often do vary between providers.  The best option for enrollees is to first decide what plan works best for your health care needs.  After this has been decided, with he help of a Medigap agent, they can help you find the best rate where you reside.  When you are deciding this, you should consider:

  • Not every insurance company allowed to provide Medigap will offer each of the ten standard plans. You will want to make sure the plan that you want is available through the carrier.
  • The amount you will pay, the cost or premium, will vary amongst insurers even though they are all offering the exact same coverage.

Applying

Open enrollment for both Medicare Part A, Part B, Part D, and Medigap (Medicare Supplemental Insurance Plans) begins on the first day of the month in which they turn 65.  This period will last for 6 months.  This allows you to apply for coverage without worry that you will be turned down during medical underwriting.

The experts at eMedicare Supplemental Insurance, powered by Omega, have all the answers you are looking for when it comes to your Medicare Supplemental Insurance needs.  More information can be found at http://emedicare-supplemental-insurance.com/.

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