Medicare Supplement Plans

Also known as “Medigap”, is a private insurance plan that works alongside your original Medicare coverage that covers the 20% that Parts A & Part B don’t cover. There are (10) standardized Medicare Supplement plans offered by private insurance companies. This quote is directly from the Medicare & You Handbook, “Every Medigap policy must follow federal and state laws designed to protect you, and they must be clearly identified as ‘Medicare Supplement Insurance.’ Insurance companies can sell you only a “Standardized” policy identified in most states by letters A through D, F, G and K through N. All policies offer the same basic benefits, but some offer additional benefits, so you can choose which one meets your needs.” You typically pay a monthly premium plus the annual Part B deductible which, for 2022, is $233.00. Medicare Supplement plans don’t vary in coverage from company to company, they’re ALL mandated by the Federal Government to cover exactly the same benefits, the only difference is cost. Some Insurance Companies have LOTS of advertising costs and then some you have never heard of. Costs vary greatly, which again, is why we at Enrollment Benefits Hub are so critical to have around, because we can shop just about ALL of the companies, and we can guarantee that NO-ONE can beat our rates!

WHY do I want a Medicare Supplement?: 

• They are portable: Which means people can travel anywhere in the United States and have exactly the same coverage in each state.
• They are guaranteed renewable: Which means as long as the monthly premiums paid, they can never drop coverage. No matter how much care is needed.
• No networks or referrals: Which means you can go to any Doctor or Hospital you want, as long as they accept Medicare.
• Drug plan of choice: YOU get to pick which drug plan will best suit your needs.
• Peace of mind: That you will not have any other expenses associated with the plan. It is a monthly amount you can budget for without any additional surprises, such as co-pays or deductibles.

To summarize Medicare Supplements: You have Medicare Part A & Medicare Part B (which has a cost associated with it), that is your primary insurance, which covers 80%. THEN, you get a secondary insurance plan to cover the other 20% which has a cost associated with it as well. The last piece that you will need to complete is a Prescription Drug Plan, also known as “Part D”. Which we will get into that in the next section, see you there.