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Medicare Supplement Plans

The agents at Tepsick Insurance were great at helping me with my Medicare supplement and changing my prescription plan to one tailored to my needs.

Medicare Supplement Plans, or commonly known as Medigap Insurance, is coverage that helps fill the “gaps” from original “Medicare” as it pertains to copayments, coinsurance, and deductibles. Many new to Medicare are surprised to learn that only 80% of your Part B expenses are covered by your Medicare insurance. This type of coverage is provided to insureds by a third-party private insurance company, not the United States government. Medigap policies can also cover services that original Medicare does not such as (but not limited to) medical care when you travel outside the U.S. There are several key distinctions with a Medigap Plan:

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  1.  You must have Medicare Part A and Part B.
  2.  A Medigap Plan is different from Medicare Advantage Plans – Medigap is designed to cover what your Medicare benefits won’t cover.
  3.  The insured will pay the private insurance company a monthly premium for the Medigap policy in addition to the monthly Part B premium paid to Medicare.
  4.  Medigap policies only cover one person – spouses will need to purchase their own Medigap policy.
  5.  Standardized Medigap policies are guaranteed renewable even if you have pre existing health problems.
  6.  Medigap policies sold after January 1, 2006 are not allowed to include prescription drug coverages. Instead, you would need to buy into Medicare Part D.

Although Medigap Supplement Plans do, in fact, supplement Medicare, these plans do not cover things such as: long-term care, vision or dental services, hearing aids, eyeglasses, and/or private-duty nursing. It’s also important to note that some types of insurance are not Medigap plans like Medicare Advantage Plans (HMO, PPO, PFFS, etc.), Medicare Prescription Drug Plans, Medicaid, employer or union plans, Tricare, veteran’s benefits, long-term care insurance policies, and Indian Health Service, Tribal, and Urban Health plans.

Medigap Supplement Plans can vary and are broken down into 12 various plans associated with the letters A – N.

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