Medicare Supplement Plans & Other Medicare Plans

If you’re turning 65 soon and going on Medicare OR already on Medicare, you may have questions about what Medicare covers and most importantly, what Medicare doesn’t cover.

Original Medicare only covers 80% of Medicare-approved Hospital and Doctor services. Seniors in America have two options when getting extra coverage. A Medicare Supplement plan OR a Medicare Advantage plan.

This video will help you decide which one is right for you.

Medicare Supplement Plans

Medicare Supplement plans, also known as Medigap plans, pay for some of the health care costs that Original Medicare doesn’t cover- as well as being part of an overall financial protection plan.

All Medicare Supplement plans must follow Federal and State laws designed to protect you and the policy must be clearly identified as “Medicare Supplement Insurance”. Insurance companies that offer Medicare Supplement plans, in most states, can only sell you a “standardized” Medicare Supplement policy.

Policies are identified by letters A-N. Each standardized Medicare Supplement policy must offer the same basic benefits , no matter which insurance company sells it. Cost is usually the only difference between Medicare Supplement plans, when you're comparing the same letter plan- like Plan F for example, among many different insurance companies. (2017, Guide to Medicare & You Book- pages 81-82)

Medicare Supplement plans offer fixed costs and no surprises. These policies are guaranteed renewable, the only way your policy would terminate would be if you don’t pay the premium.

  • Medigap is health insurance sold by private insurance companies to fill gaps in Original Medicare coverage.
  • Medigap helps pay all, or a portion, of Part A and Part B coinsurance, copayments, and/or deductibles when Original Medicare determines that a benefit is medically necessary. Some Medigap plans also cover benefits not covered by Original Medicare.
  • Medigap policies are available in standardized benefit plans, identified by the letters A – N (different plans are offered in Massachusetts, Minnesota, and Wisconsin).
  • Turning age 65 and signing up for Part B triggers a six-month Medigap open enrollment period when Medigap plans must be issued, regardless of any pre-existing conditions, called a guaranteed issue right. In limited circumstances, leaving a Medicare Advantage plan will trigger a guarantee issue opportunity. Some states have guarantee issue for Medicare beneficiaries under age 65.

As an independent Medicare Supplement insurance agency, we work with many of the leading insurance companies in your state, in order to find you the best plan and rate.  This saves you time and money.

You pay the same rate for your supplement plan using an independent agency like ours, that you would pay going with the carrier directly. However, we look out for your interest not only in the first year, but each year after that, too. Just click the button below and enter your information to get the best Medicare Supplement rate for any plan in your area. For example, Plan F, Plan G or Plan N!

Medicare Advantage Plans

A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.

Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. If you’re enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren’t paid for under Original Medicare.

Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by private companies approved by Medicare, and if you join a Medicare Advantage Plan, you will still have Medicare. You’ll get your Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) coverage from the Medicare Advantage Plan and not Original Medicare.

13  Things to know about Medicare Advantage Plans

Medicare is constantly changing. For more personalized service, find an independent insurance agent/advisor who specializes in Medicare and Medicare Supplements. Independent agents work with many “A” rated insurance companies, which means you are getting the best value for your premium dollar.