If you are enrolled in Original Medicare, you may have experienced situations wherein your Medicare benefits did not fully cover your healthcare costs. If this was the case, you may be interested in a Medicare Supplement Insurance policy. These policies can help you afford health care costs that you would otherwise have to pay for out-of-pocket. 


There are several different types of Medicare Supplement Insurance policies available. Here is some useful information that may help you select the best one. 


What is “Medigap” Insurance?

Medicare Supplemental Insurance plans, also known as Medigap plans, are health insurance plans that help fill the “gaps” in coverage left behind by Original Medicare policies. Medigap plans are different from other options, like a Medicare Advantage Plan, because plans like Medicare Advantage offer Medicare benefits, while a Medigap policy is intended to help supplement the costs of your Original Medicare benefits. Each plan offers different levels of supplementation, depending on which one you purchase. 


Who Can Get Medigap Coverage?

Once someone turns 65, they begin a 6-month period that makes enrolling in Medigap policies cheaper and easier. People below age 65 may be able to enroll in a Medigap policy. However, some states are not required to allow people below age 65 to purchase Medigap policies.


Medigap policies will pay for a range of Medicare-related expenses, differing based on the Medigap plan you are enrolled in. Here are the expenses that Medigap policies will potentially cover:

  • Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used) 
  • Medicare Part B coinsurance or copayment
  • Blood (first 3 pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B deductible
  • Part B excess charges
  • Foreign travel emergency (up to plan limits) 


All of these benefits are not offered with every Medigap plan on the market. That is why you must determine which benefits are important to you and select a plan that fits your needs. 


Which Medigap Policy Offers The Most Coverage?

If you are looking for a Medigap policy that offers the broadest range of coverage, Plan F offers the broadest coverage of the ten Medigap plans that are available. The plan provides comprehensive coverage but comes at a higher premium. With this plan, Medicare will pay their portion of your health care claims, then Medigap will pay the rest, often leaving you with no out-of-pocket costs for medical care.  


How Do You Enroll In Medigap Coverage?

If you are interested in enrolling in a Medicare Supplemental Insurance plan, you must first carefully decide which benefits you are interested in receiving from your policy. By having a good idea of what you expect to be covered in your plan, you can better determine which Medigap policy will best suit your needs. Once you understand what you are looking for in your policy, you should research to determine which insurance companies offer Medigap policies in your state. Once you’ve found out which companies offer packages with the benefits you are interested in, contact several of them to compare costs. Once you’ve found a company you are comfortable with, you can purchase the policy directly through them. 


Insurance Companies That Offer Medigap Policies

If you are struggling to find a list of companies that sell Medicare Supplemental Insurance policies, try contacting your State Health Insurance Assistance Program. They may have a “Medigap rate comparison shopping guide” for your state that you can use to compare Medigap policies quickly.


If you need additional help finding information about Medicare Supplemental Insurance policies, reach out to Fidelis Consultants with all of your questions.