While Medicare coverage is generally comprehensive, there are certain services that Medicare does not cover. People may be left paying the bill, referred to as out-of-pocket expenses. This is where Medicare Supplement Insurance policies come in. Medicare Supplements, also referred to as Medigap policies, are insurance policies sold by private insurance companies to bridge this gap in coverage. Consumers can purchase Medigap policies to cover their needs.
Costs of Medicare Supplements
People who purchase these plans could end up paying three monthly premiums: Part B, Part D, and their Medigap policy. Insurance companies are required by state and federal law to standardize their plans to meet basic requirements, but they are allowed some leeway to make plans fit consumer’s needs. Read more about the individual plans here.
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What are the different plans?
There are ten supplement plans: A, B, C, D, F, G, K, L, M, and N. Each plan covers a certain percentage of benefits, but each plan is required to have the same coverage no matter which insurer the plan is purchased from.
When can I enroll?
There is a specific enrollment period called the Medicare Supplement Open Enrollment Period if you would like to buy a supplement plan for more coverage. Once you are enrolled in Part A and Part B, you have six months to buy a supplement plan. If you do not buy a supplement plan during this time, you may be denied later.