Medicare Supplement
Original Medicare pays for many, but not all, health care services and supplies. A Medigap policy, sold by private insurance companies, can help pay some of the health care costs ("gaps") that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles. Some Medigap policies also offer services that Original Medicare doesn't cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share. Medicare doesn't pay any of the premiums for a Medigap policy.
Every Medigap policy must follow Federal and state laws designed to protect you, and it must be clearly identified as "Medicare Supplement Insurance." Medigap insurance companies can sell you only a "standardized" Medigap policy identified in most states by letters. All plans offer the same basic benefits but some offer additional benefits, so you can choose which one meets your needs.
Insurance companies may charge different premiums for exactly the same Medigap coverage. As you shop for a Medigap policy, be sure you're comparing the same Medigap policy (for example, compare Plan A from one company with Plan A from another company)
You must have Part A and Part B
You pay a monthly premium for you Medigap policy in addition to your monthly Part B premium
It's important to compare Medigap policies since the costs can vary and may go up as you get older.
The best time to buy a Medigap policy is during the 6-month period that begins on the first day of the
month in which your're 65 or older and enrolled in Part B. (Some states have additional open enrollment periods.)
After this enrollment period, your option to buy a Medigap policy may be limited and it may cost more.
If you're under 65, you won't have this open enrollment period until you turn 65, but state law might
give you a right to buy a policy before then.
If you have a Medicare Advantage Plan, it's illegal for anyone to sell you a Medigap policy unless you're
switching back to Original Medicare. Contact your State Insurance Department if this happens to you.
Since coverage and benefits may vary within the region, contact Siegel Medicare & Health Insurance Advisors to find the best solution for your Medicare needs.