Medigap Plans, also called Medicare Supplements, are designed to help pay some costs not paid by Original Medicare (Parts A & B). Y0066_101101_095633 File & Use 11062010
Medicare Supplements, also known as Medigap Insurance Plans, are popular insurance policies that are designed to cover Medicare's copays, deductibles, and co-insurance amounts. They are accepted by medical providers that take Medicare as payment.
aka Medigap Plans
Medigap plans come in a variety of configurations and are labelled by a single letter.
Some insurance carriers will also offer "SELECT" versions of plans.
Most insurance companies only offer 3-5 of the above plans.
MORE MEDIGAP KEY NOTES
Your Medigap Open Enrollment Period lasts for six months from the time of your Medicare Part B effective date, assuming you are age 65 or older.
Claim Forms - most plans handle claims electronically so it's easy to use.
Attained Age Pricing - most insurers use this method where plan premiums rise on an annual basis.
Tobacco Rates - during your Medigap Open Enrollment Period, you can obtain non-tobacco premium rates even if you are a smoker. Otherwise, tobacco users pay a higher premium.
Block Rate Changes - insurers can change the premium rates for an entire plan but can't single you out for a rate increase. While increases are most common, rate decreases do also occur.
Medicare Supplement Carriers Represented
Additional Carriers May Be Offered
All Medigap 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)
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. They can also help you stay informed in regards to Medicare changes or new coverage opportunities for you.