Answers to common questions about Medicare Supplement Insurance.
How is Medicare Supplement Insurance different than the Original Medicare Plan?
The Original Medicare Plan is a health insurance program operated by the federal government. Medicare is available to qualifying individuals age 65 or older, certain disabled individuals under age 65, and those suffering from end-stage renal disease. Medicare Supplement Insurance is available from private insurance companies and fills in the gaps where Medicare does not pay.
Why should I consider a Medicare Supplement policy over a Medicare Advantage Plan?
Medicare Supplement plans can offer more stability and greater freedom to choose providers and facilities. In addition, the benefits of a Medicare Supplement plan are standardized and have remained consistent year after year, while the benefits of Medicare Advantage plans may change from year to year.
What is the difference between Medicare Supplement Insurance and Medigap Insurance?
Nothing. Both Medicare Supplement and Medigap Insurance refer to private insurance offered to fill the gaps where Medicare does not pay.
When should I buy a Medicare Supplement policy?
The best time to buy a Medicare Supplement policy is during your Medicare Supplement open enrollment period. This period lasts for six months and starts on the first day of the month in which you are both age 65 or older and enrolled in Medicare Part B.
Are all Medicare Supplement plans A – L the same?
Since 1992, the federal government standardized Medicare Supplement Insurance coverage. Coverage under these plans is exactly the same regardless of the issuing company, and a few states have adopted their own versions of the standardized plans. However, premiums may vary widely by company and geography.
Does the government provide Medicare Supplement Insurance?
No. Medicare Supplement policies are only available from private insurance companies.
Click on the "Do I need it?" Checklist to help you choose the plans that best suits your needs.
