Medicare Supplement Insurance is private insurance to assist you in paying out-of-pocket expenses not covered by Original Medicare. In order to purchase a Medigap policy you must be covered under both Original Medicare Part A and Part B. Part A is your Hospital insurance coverage and Part B is your Medical insurance coverage.
You can enroll in Medicare 3 months before turning 65, the month one turns 65 and three months after turning 65. During the Medigap “Open Enrollment Period” you can enroll in any Medigap policy. Furthermore, you cannot be denied coverage due to pre-existing conditions. The “Medigap Open Enrollment” period is a one-time open enrollment and does not repeat annually like the “Medicare Annual Enrollment Period”.
Medicare Supplement Insurance Plans Are Standardized
Medicare Supplement Insurance policies are standardized, each lettered plan offers you the same benefits regardless of the insurance company. There are 10 different standardized Medigap policies. The policies are named by their letters as follows: A, B, C, D, F, G K, L, M and N. When you compare policies with the same letter between companies the only difference will be price. As long as the plans you are comparing have the same letter designation they offer the same coverage.
The name of the Medicare Supplement plan coverage as designated by the letter, Medigap Plan G for example, will offer you different coverage from Medigap Plan B. Obviously, the greater the coverage the more that particular plan will cost you. It’s important to understand the different plan coverages to attain the plan that best meets your health and income requirements.
To learn more about the different Medigap plans and what would work best for you contact you FAPCO Financial Services agent.
We do not offer every plan available in your area. Any Information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.