Medicare Supplements, also known as Medigap Insurance Plans, are a popular solution for Medicare-Eligibles that are looking to limit their overall healthcare cost liability, better control their healthcare costs, and want to choose their own doctors.
There are ten regular plans that are identified by a Plan Letter. These are Plans A, B, C, D, F, G, K, L, M, and N. There is also a High Deductible Plan F and there are SELECT Plans (usually on Plan F or G). There are certain rules that insurers must follow when it comes to which plans they offer but the most popular plans are Plans F, G, and N. All the plans are Standardized - meaning that plans with the same letter name offer the same benefits. The Centers for Medicare & Medicaid Services states, "Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies." (Page 9 of their "Choosing a Medigap Policy" booklet)
Additional Key Excerpts From the Guide:
- Page 9 - "Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it."
- Page 13 - "When you have your Medigap Open Enrollment Period you can buy a Medigap policy from any insurance company that's licensed in your state."
- Page 13 - "Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medigap policy as long as you stay enrolled and pay the premium."
Take a look at the above guidebook
and then contact us for your:
Our agents will help explain the deductibles, coinsurance, and copayments of Medicare and the benefits of the different Medigap Plans.