Unlike Original Medicare (Part A and B), Medicare Supplement Plans is provided by licensed private insurance companies in most states. But for you to be eligible for Medicare Supplement Plans, also known as Medigap policy, you should be enrolled with Original Medicare. Medicare Supplement Plans help pay for hospital costs that the Original Medicare does not such as coinsurance, yearly deductibles and copayments.
When to enroll for Medigap Plans
It is advisable to buy Medicare Supplement plans when you are first eligible. This is during the first 6-month Medicare Supplement Plans open enrollment period. This period starts the first month you are 65. During this period, you are eligible for enrollment. Even if you have health problems, you still pay the same rates as people in good health.
Once this period is over, you may not be in a position to buy Medicare Supplement Plans, and if you are able to buy, it might cost you more.
Benefits Medicare Supplement Plans cover
- Medicare Part A coinsurance.
- Medicare part B coinsurance or copayment.
- Part A hospice care coinsurance or copayment.
- Skilled nursing facility care coinsurance.
- Foreign travel emergency.
- Medicare part A deductible.
- Medicare part B deductible.
- Plan K and L include out-of-pocket limit.
Medicare Supplement Plans.
There are 10 standardized Medicap plans. Each is represented by a letter (A, B, C, D, F, G, K, L and N). While benefits in any of the lettered category remains the same regardless of the insurance company and location, coverage levels and premiums vary.
Find out about Plan F https://www.medicarepartf.org