Are you turning 65? Questions about Medicare? We have answers!
What is a Medicare Supplement plan?
If you’re concerned about the out of pocket costs associated with Medicare, a Medicare Supplement plan is a great way to protect yourself from that. A Medicare supplements entire job is to pay the “gap” in Medicare A&B, leaving you with no out of pocket expenses. This is why Medicare Supplements are often referred to as “Medigap.” A Medicare Supplement and Medigap are the same things.
Understanding Medicare Supplement Insurance
The Medicare Supplement policy you purchase must be clearly identified as “Medicare Supplement Insurance.” There are 10 different Medicare Supplement coverage options to choose from. Plans are labeled A, B, C, D, F, G, K, L, M, and N (Plans E, H, I, and J are no longer available). However, most people find either Plans F/G/N to be the most economical.
Tip- Every Insurance Company selling a Medicare supplement plan type in your area MUST offer the same coverage, but they vary wildly in price. So, you may want to shop for the best price. More