Is a Medicare Supplement Plan Right For Me?

When you first sign up for Medicare, you may be surprised to find that Original Medicare doesn’t completely cover the cost of hospital and medical care. You’ll still be responsible for out-of-pocket expenses like coinsurance, copayments, and deductibles.

To help cover out-of-pocket expenses Original Medicare doesn’t cover, Medicare beneficiaries can purchase Medicare Supplement (Medigap) plans. Medigap plans are offered through private health insurance companies approved by Medicare. But is a Medicare Supplement plan right for you? Let’s find out.

What is a Medicare Supplement Plan?

Medicare Supplement policies are supplemental plans that help cover gaps left behind by Original Medicare. The monthly premium can vary depending on the type of Medicare Supplement plan you choose, but typically, the more coverage there is, the more the premium will be.

What Do Medicare Supplements Cover?

There are ten standardized Medigap insurance plans – Plans A, B, C, D, F, G, K, L, M, and N. Each of these plans provides its own percentage of coverage for specific costs. The out-of-pocket costs covered by Medicare Supplement plans include:

  • Medicare Part A hospital costs 
  • Medicare Part B deductible
  • Medicare Part B excess charge
  • Medicare Part A deductible
  • Medicare Part B coinsurance or copays
  • Medicare Part A hospice care coinsurance or copays
  • First 3 Pints of Blood
  • SNF care coinsurance
  • Foreign travel emergency

If you are only interested in basic coverage, Medigap Plans A and B may be something to consider as out of all the supplement plans available, they provide the most basic coverage. Plans C, F, G, and N provide some of the most comprehensive coverage. However, Plans C and F are not available to anyone who became eligible for Medicare on or after January 1, 2020. This means if you would like comprehensive coverage, you will need to choose between Plan G or Plan N.

Is a Medicare Supplement Plan Right For Me?

When deciding whether a Medicare Supplement insurance plan is right for you, consider your usual out-of-pocket costs. Since Original Medicare doesn’t have an out-of-pocket maximum, going without Medicare Supplement can pose a significant financial risk for Medicare beneficiaries that often go for doctor or hospital visits.

If you have a single massive health emergency or need regular care for a chronic health condition, you could spend thousands of dollars in out-of-pocket costs. So, having a Medicare Supplement plan can help ease the burden of out-of-pocket costs not covered by Original Medicare. Keep in mind that Medicare Supplements don’t cover prescription drug coverage. However, a standalone Medicare Part D prescription drug plan can be purchased alongside your Original Medicare and Supplement coverage.

Finding Medicare Supplement Plans

If you are ready to start browsing Medicare Supplement plan options in your area, contact Medicare Sharks. Our experienced Medicare experts can help you compare Medigap plans to make sure you find the right one for your needs.