Medicare Supplement Education

Medicare Supplement, also known as Medigap, refers to private health insurance plans designed to supplement and fill the gaps in coverage provided by original Medicare. Original Medicare consists of Part A (hospital insurance) and Part B (medical insurance) and is provided by the federal government.

While original Medicare covers a significant portion of healthcare costs, it does not cover all expenses. There are various deductibles, copayments, and coinsurance that beneficiaries are responsible for paying out of pocket. Medicare Supplement plans are offered by private insurance companies to help cover these out-of-pocket costs.

Medicare Supplement plans are standardized and regulated by the government, which means the coverage options and benefits are consistent across different insurance companies. There are ten standardized Medicare Supplement plans available, labeled with letters from A to N. Each plan offers a different combination of benefits and coverage.

It’s important to note that Medicare Supplement plans only work in conjunction with original Medicare. They do not provide coverage for services not covered by Medicare, such as prescription drugs, dental, vision, or long-term care. To obtain coverage for these services, beneficiaries typically need to enroll in separate plans, such as Medicare Part D prescription drug plans or Medicare Advantage plans.

To enroll in a Medicare Supplement plan, individuals must be enrolled in both Medicare Part A and Part B and pay a monthly premium to the private insurance company offering the plan. It’s advisable to review the available plans carefully, compare costs and benefits, and choose the one that best suits your needs and budget.