Medicare Supplement (Medigap) Plans

Medicare Supplement plans are standardized across the US and fill in the "gaps" Medicare does not cover.  That is why many know these plans as Medigap plans.

Standardization means that in 47 states (MA, WI, MN are the exceptions) the same 10 plans exist and that a Plan G in Florida has the EXACT same coverage as a Plan G in Vermont.

Crucially, it also means that a Plan G from Insurance Company X is the EXACT SAME as a Plan G from Insurance Company Y.  

The only difference is in the pricing of the plans.  While every carrier offers identical coverage they do not price their plans in the same way. So if 2 carriers are offering a Plan G and one is $50 more per month than another, it makes little sense to pay the extra money for identical coverage assuming both carriers are reputable.

Fo the sake of this discussion I refer mostly to Plan G, the most comprehensive plan available for someone aging on to Medicare after the year 2000.

Medicare Supplements are not really insurance and therefore do not work like the health insurance most people are accustomed to.  With Supplements there are NO networks, you are free to see ANY Provider that accepts Medicare and they are REQUIRED to take your coverage no matter who the carrier is.  

Medicare Supplements simply pay the part that Medicare does not.  In the case of Part B this is the 20% co-insurance that a would be the Medicare beneficiaries responsibility. 

If you have a Plan G you can go anywhere, see any Provider and owe nothing beyond the $233 (2022) annual deductible! 

Pros of Medicare Supplement Plans:

1. NO Networks - see any Provider in US that accepts Medicare
2. NO Co-pays (Plan G)
3. Small annual deductible ($233 in 2022)

Cons of Medicare Supplement Plans:

1. Fixed Cost - whether you use the plan or not has fixed monthly premium in addition to Part B
2. NO Drug coverage - requires you get Part D
   1. Drug co-pays may be more expensive on stand-alone drug plans
3. ONLY coverage for what Medicare covers. 
   
   1. No routine Dental
   2. No routine Vision
   3. No Hearing Aid coverage 

Need help deciding which Medicare Supplement is right for you use the link below and we will compare options for you and then review all of your options so YOU can decide what is the best option for you.