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Medicare Supplement Plans, also known as Medigap, are designed to cover costs that Original Medicare doesn’t, such as copayments, coinsurance, and deductibles. These plans work alongside your Original Medicare coverage to help reduce out-of-pocket expenses.
Medicare Supplement Plans (Medigap) work with Original Medicare to cover additional costs, while Medicare Advantage Plans (Part C) are an alternative to Original Medicare, offering bundled coverage that often includes Part A, Part B, and sometimes Part D.
To be eligible for a Medicare Supplement Plan, you must be enrolled in Medicare Part A and Part B. The best time to purchase a Medigap policy is during your Medigap Open Enrollment Period, which starts the first month you are 65 or older and enrolled in Part B.
While you can apply to switch Medicare Supplement Plans at any time, acceptance isn’t guaranteed unless you have guaranteed issue rights or are within your open enrollment period. Otherwise, insurers may require medical underwriting.
The cost of Medicare Supplement Plans varies based on factors such as your age, location, gender, and the specific plan you choose. Premiums can range widely, so it’s important to compare different plans and insurers.
No, Medicare Supplement Plans do not cover prescription drugs. For prescription drug coverage, you need to enroll in a separate Medicare Part D plan.
Yes, Medicare Supplement Plans are accepted by any doctor or hospital that accepts Medicare. There are no network restrictions, giving you the freedom to choose your healthcare providers.
Medicare Supplement Plans are standardized and provide the same benefits across the United States. If you move to a different state, your Medigap policy will still be valid, but your premium may change based on your new location.