Your Medicare Supplement Policy
Medicare supplement plans are additional insurance that seniors can purchase as an addition to their traditional Medicare benefits. You must be enrolled in Medicare Part A (hospital coverage) and Medicare Part B (health insurance) to qualify.
- Know that Medicare Supplement insurance is changing. Before we get any further, know that if you already have a Medicare Supplement plan (sometimes known as Medigap) you still have this same policy.
- It is not going away, nor are any of your coverages changing.
However, if you’ve turned 65 since January 1, 2020, the Medicare Supplement plan is a little different. The team at Coverage Coach is here to explain these changes. As always, if you would like to compare Medicare Supplement or Medicare Advantage plans, get in touch with us.
Changes to Medicare Supplement Policies for 2020
According to Medicare.gov, Medigap plans sold to new retirees aren’t allowed to cover the Part B deductible. So Plans C and F are not available to folks who are retiring after January 1, 2020. If you aren’t sure what Medigap is, click here for more information.
If you already have either of these plans (or the high deductible version of Plan F) you’ll be able to keep your plan.
- So, if you turned 65 before January 2020 but didn’t retire, you might be able to buy a Medicare Supplement plan with the old benefits.
Medicare Premiums & Medicare Supplement Premiums
Medicare Part A is free for seniors age 65+. It covers most hospital visits. That’s all. You won’t need to pay any premium
Medicare Part B is medical insurance. It isn’t free. You’ll pay a premium. Part B covers things like ambulance rides, doctor’s visits, some mental health services, most types of diagnostic tests, and so on.
You need to know that neither Medicare Part A or B will cover all prescription drugs. Most drugs are covered by Part D (easy to remember, D = Drugs.)
Medicare Supplement plans are additional insurance you’ll purchase from a private insurer to help fill in the “gaps” left in your healthcare needs. You’re welcome to choose a plan from any insurer in your state that offers it.
- Know that Medicare supplements are standardized.
- That means they’ll all offer the same basic coverages.
- Historically, any insurer that offered Medicare supplement plans must offer Plan A, Plan C, and Plan F.
- However, C and F are going away for new retirees.
- This is a source of confusion for seniors seeking insurance. The plan names are so similar to your standard Medicare benefits.
Remember, Medicare Part A is NOT the same thing as Medicare Supplement Plan A. But it’s easy to see why this confuses people.
- You should know that Massachusetts, Wisconsin, and Minnesota have their own rules about which coverages must be involved in a Medicare supplement plan.
At Coverage Coach, we know the choices in Original Medicare and Medicare Supplement plans can be overwhelming. If you’d like assistance understanding which Medicare Supplement plan would fit your lifestyle best, you can always reach out to us or check out our Medicare coverage comparison tool. Our goal is to educate seniors and caregivers to help you choose the best plan for your unique needs. So let’s talk!