CareZone | What is Medicare Supplement Insurance?

In addition to the 4 parts of Medicare, you should also know about another insurance option that is available to you – Medicare Supplement coverage. Below is the basic information about Medicare Supplement coverage, but if you’d like more details, please call a licensed CareZone sales agent at 888-738-6356 (TTY: 711).

The Basics of Medicare Supplement Plans

Medicare Supplement plans, also known as Medigap, are plans sold on top of Original Medicare (Parts A and B). They are designed to cover the “gap” between what Original Medicare pays and what you pay out of your own pocket.

Medicare Supplement plans are privately sold, but regulated by state and federal laws, so the benefits are generally the same regardless of which insurance company you enroll through. The price differs by insurance company, so it’s worth comparing plans before enrolling. There are 10 options to choose from: A, B, C, D, F, G, K, L, M, and N.

Benefits of Medicare Supplement Plans

Each option differs, but in general, a Medicare Supplement plan typically has the following benefits:

  • Covers out-of-pocket costs not covered by Original Medicare, such as copayments, coinsurance, and deductibles
  • Emergency health coverage outside of the U.S.
  • Accepted by any provider that takes Medicare

Enrollment for Medicare Supplement Plans

You can enroll in a Medicare Supplement plan beginning on the first day of the month in which you turn 65 (and are covered under Medicare Part B). You have six months to enroll. As long as you enroll within the 6 month window, your enrollment is guaranteed issue, which means you can’t be denied coverage based on health problems.

If you enroll in a Medicare Supplement plan outside of the initial 6 month window, the insurance company can underwrite the plan, meaning you may be subject to a physical and the insurance company can refuse to sell you the plan or they can adjust your premium based on your health status.

To enroll outside of the Medicare Supplement Enrollment period, you must meet a qualifying life event.

Posted January 24, 2017 by rocky