What is a Medicare Supplement or Medigap Plan?

A Medicare Supplement or Medigap plan provides coverage for the gaps in Medicare Part A and B such as deductibles, co-insurance, and other out of pocket costs. We are here to provide you an easy pathway to find the right Medicare Supplement Plan at the right price.

Popular Medigap Plans

Historically the most popular Medicare Supplement plan has been Plan F because it covers all of the gaps in Medicare, leaving no expenses to pay. But today savvy shoppers are opting for the more cost effective Medicare Supplement Plan G, which is the same as plan F with the exception of being responsible for the Part B annual deductible of $183.Medicare-Supplement-Plan-F-or-Medicare-Supplement-Plan-G
Once you decide which plan you want then it is a simply a matter of finding an insurance company you like with the lowest cost. The good news is all insurance companies that offer a Plan G or F must provide the same set of benefits so the only real difference is cost.

So how do you know who has the best rates? Well that is where we come in. We represent the dozens of highly rated insurance companies with the most competitive rates to save you money, and best of all it costs you nothing. Most people don’t realize that there are no special last minute or internet deals where you can save money on your Medicare Supplement Plan. Regardless of how you purchase your policy the cost to you is the same whether you do it on your own or have an advisor walk you through it.

Give us a call and we will help you get it done at the lowest cost and shortest time:
(512) 900-3008

Federal and State Laws Regulate Medigap Policies

These laws are put in place to protect you as a beneficiary. Medigap policies have to be clearly labeled as “Medicare Supplement Insurance.” In some states, as of June 1, 2010, you may be able to choose from up to 10 different standardized policies (Medigap Plans A, B, C, D, F, G, K, L, M, and N).

Each Medicare supplement insurance plan offers a different set of basic benefits and is the same for every insurance company. Because benefits are the same for every insurance company, you do not want to overpay. Insurance companies set their own prices and decide which policies they want to sell.

Medigap policies no longer cover prescription drugs. If you have a Medicare Prescription Drug Plan (Part D) and a Medigap policy that covers drugs, then you need to tell your Medigap insurance provider to remove the drug coverage from your policy. You may choose to keep the Medigap policy with prescription drug coverage; however, you cannot have both.

8 things to know about Medigap Insurance Plans

  1. You must have Medicare Part A and Part B.
  2. If you have a Medicare Advantage Plan, you can apply for a Medigap policy, but make sure you can leave the Medicare Advantage Plan before your Medigap policy begins.
  3. You pay the private insurance company a monthly premium for your Medigap policy in addition to the monthly Part B premium that you pay to Medicare.
  4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.
  5. You can buy a Medigap policy from any insurance company that is licensed in your state to sell one.
  6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
  7. Some Medigap policies sold in the past cover prescription drugs, but Medigap policies sold after January 1, 2006 aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
  8. It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.

Remember, when choosing a Medigap plan, compare each plan and then compare different insurer quotes. You want to make sure you have adequate coverage to meet your needs, but you don’t want to pay more when each plan is the same for every insurance company.