Medicare Supplement (Medigap) plans cover some of the health care costs Original Medicare leaves behind. These plans fill the gaps in your health care coverage including copayments, deductibles, and coinsurance. As a result, when you have a Medicare Supplement plan, you are left with little to no out-of-pocket costs for Medicare-covered services and equipment.
What Are Medicare Supplement Plans?
Medicare Supplement plans have no networks. So, if a provider accepts Original Medicare, they will always accept your Medicare Supplement plan regardless of carrier.
Medicare Supplement plans are standardized by the federal government, meaning benefits for each plan are consistent across all Medicare Supplement insurance companies. Before you begin to compare Medicare Supplement plans, it is helpful to familiarize yourself with the pricing methods carriers use.
The pricing method your carrier uses can affect your rates and how they increase over time. Additionally, it is important to note that if you have a Medicare Supplement policy and your spouse needs coverage as well, they must buy a separate policy.
Medicare Supplement Plan Premium
Medicare Supplement prices and premiums vary by the ZIP Code and carrier. This means the same plan may cost more in one ZIP Code than another or from one carrier to another. Depending on the type of Medicare Supplement plan you choose, the average monthly premium can range between $40-$300.
Several factors determine your Medicare Supplement plan’s premium. Depending on your health and budget needs, a Supplement plan could save you from high unexpected medical costs. Although premium price is an important factor when choosing a Medicare Supplement plan, it is not the most important factor. You also want to consider coverage and out-of-pocket expenses.
How to Enroll in a Medicare Supplement Plan
You are Medicare-eligible if you are a U.S. citizen or legal resident for at least five years and age 65 or above. If you are under 65 and meet the first qualification, you’re eligible for Medicare if you collect Social Security Disability benefits for at least two years, or have been diagnosed with ESRD or ALS. Once you enroll in Medicare Part A and Part B, you can enroll in a Medicare Supplement plan
The best time to enroll in a plan is during your six-month Open Enrollment Period. This enrollment period begins with your Medicare Part B effective date.
When you enroll in a Medicare Supplement plan during this time, you have guaranteed issue rights. This means pre-existing conditions cannot play a role in your admittance to the plan. Carriers cannot decline your coverage based on your health history. However, you may still enroll in a Medicare Supplement plan outside of this window, but you may be subject to health questions.
Medicare Supplement Comparison Chart 2022
Medigap plan benefits can include coverage for Medicare Part A and Part B deductibles, coinsurance, foreign travel emergency, and more. Benefits vary depending on the plan in which you enroll.
You can compare Medicare Supplement plans online, but our licensed Medicare agents can help you understand the differences between the Medicare Supplement plans available to you. Additionally, we can give you accurate premium quotes for the plans from the carriers you are interested in.
How to Pick a Medicare Supplement Plan in 2022
If you're considering adding a Medicare Supplement plan to your Medicare benefits, give us a call at the number above.
If calling now is not an option, complete our online rate form and one of our agents will reach out to you with your individualized quotes. Our agents will need to collect some additional information so we can provide you with the most accurate rate quote on all your supplemental options.
Once you submit the required information, we will be able to pull all the plans available in your area with all the top carriers, taking into account your information and health history. Why wait? Our services are 100% free of charge and could save you money on your monthly Medicare premiums.
Enter your zip code to pull plan options available in your area.
Select which Medicare plans you would like to compare in your area.
Compare rates side by side with plans & carriers available in your area.
- When Can I Buy Medigap, Medicare. Accessed February 2022.
- Medigap, Centers for Medicare and Medicaid Services. Accessed February 2022.