MEDICARE SUPPLEMENT PLANS
A Medicare Supplement plan, also known as Medigap, is an insurance policy that helps supplement Original Medicare and fills in the gaps that Medicare doesn’t cover. These Medicare supplemental plans allow you to see any doctor in the United States that accepts Medicare.
Medicare Supplement plans must follow federal and state laws. Medigap insurance companies in most states can only offer a standardized Medigap policy identified by letters A through N. Each standardized Medigap policy must offer the same basic benefits, no matter which insurance company sells it.
Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies.
The best time to buy a Medigap policy is during your 6-month Medigap Open Enrollment Period. During this time, you can buy any Medigap policy sold in your state, even if you have health problems. This period automatically starts when you are enrolled in Medicare Part B. After this enrollment period, Medigap insurance companies are generally allowed to use medical underwriting to decide whether to approve your Medigap policy.
Medicare Supplement plans cover only one person. Many insurance carriers offer household discounts if two people enroll in the Medicare Supplement plans with the same company. Medicare Supplement plans are Guaranteed Renewable, which means the insurance company can never drop you or change your coverage due to your health.
These plans do not include Medicare Part D, so you’ll want to add a separate stand-alone Medicare Part D drug plan. Medicare Supplement plans do not cover dental, vision, and hearing as it is not covered by Original Medicare.
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