Hi, you may be wondering, what is a Medicare Supplement? A Medicare Supplement, also known as Medigap, is private health insurance plan designed to supplement Original Medicare, which is Part A and Part B. A Medicare Supplement is provided by private insurance companies. Medicare Supplements help pay certain out-of-pocket costs that Original Medicare does not cover like co-payments, deductibles, and coinsurance.

With Medicare Supplement plans, there are 10 plans that are titled letters A through N. The ten plan offer different levels of coverage and different premiums. Each plan has the same benefits no matter the insurance company. However, plan premiums vary. Medicare Supplement plans do not cover prescription drugs. You must enroll in a separate Medicare prescription drug coverage to cover your medications.

Medicare Supplement plan eligibility is that you must be enrolled in both Medicare Part A and Part B, and pay your Part B premium. The Part B premium will change from one year to the next. You may enroll in a Medicare Supplement plan during your Initial Enrollment Period (IEP), a Special Enrollment Period (SEP), or during the Annual Enrollment Period (AEP).

A major advantage of a Medicare Supplement is that it can help cover the out-of-pocket costs that Original Medicare does not cover like co-payments, deductibles, and coinsurance. Also, a Medicare Supplement plan can provide more coverage for certain services like emergency care when traveling abroad. However, Medicare Supplement plan can be expensive for some and premiums usually increase with age. Importantly, you should compare costs and benefits of different plans prior to enrolling.

So, a Medicare Supplement plan is private health insurance that supplements Original Medicare. A Medicare Supplement can help pay certain uncovered out-of-pocket costs Original Medicare. And, for certain services, a Medicare Supplement plan provides more coverage. Medicare Supplement plans are provided by private insurance companies and available during the Initial Enrollment Period and throughout the year. If you are outside of your Initial Enrollment Period, you may be able to obtain covering that is underwritten or based on health questions. Some plans can be expensive. Importantly, you should compare costs and benefits of different plans before enrolling.