​What is a Medicare Supplement?

​Medicare supplement insurance, also known as Medigap policies, can help pay most of the health care costs that original (Traditional) Medicare does not cover, like copayments, coinsurance, and deductibles.

Medicare Supplement policies are standardized and are labeled with letters, such as Plan A, Plan B, Plan G, Plan N, etc. Each lettered plan offers different levels of coverage, so it's important to carefully review the details of each plan to determine which one best suits your budget and needs. Medicare supplement policies are different from Medicare Advantage Plans as they don't include prescription drug coverage, Dental, Vision, some may offer gym memberships.

Things to Know About Medicare Supplement Coverage

If you have a Medicare Advantage Plan, you can apply for a supplement policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement policy begins.

• Most Plans have premiums that vary based on your age, gender, and residence zip code. These premiums will incrementally increase over the life of the policy due to medical inflation and aging. You will pay the monthly premium for your supplement policy in addition to the monthly Part B premium that you pay to Medicare.
• A supplement policy is standardized and your policy is guaranteed renewable even if you incure health problems. This means the insurance company can't ever cancel your supplement policy as long as you pay the premium.

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