Medicare Supplemental health insurance plan (also known as “Medicare Supplement”, “Med Supp”, and “Medigap”) is a health insurance policy sold by private insurance companies. Supplemental health insurance plans fill the “gaps” in Original Medicare Plan coverage. Medicare Supplement health insurance help pay some of the health care costs that Original Medicare doesn’t cover. If you are in the Original Medicare Plan and also have a Medicare Supplemental insurance policy, then your Medicare and Medicare Supplement policies will together cover your health care costs.

Generally, when you buy a Medicare Supplemental insurance policy you must already have Medicare Part A and Part B. It is necessary that you and your spouse must each buy separate Medicare Supplemental insurance policies. Your Medicare Supplemental insurance won’t cover any health care costs for your spouse.

Types of Medicare Supplemental Insurance Plans
Insurance companies must sell you only “standardized” Medicare Supplement policies. These Medicare Supplemental health insurance plans must all have specific benefits so that they can be compared easily.

Depending on the time of your enrollment, you may be able to choose 10 to 12 different standardized Medicare Supplemental health plans(Medicare Supplement Plans A through N). They must follow Federal and State laws which are meant to protect you.

The benefits from any Medicare Supplement Plan A through N are the same for any insurance company. An insurance company is free to decide which Medicare Supplement policies it will sell. Not all types of Medicare Supplemental health plans may be available in your state. If you need more information, call your State Insurance Department or State Health Insurance Assistance Program.

Medicare Supplemental Insurance Plan Benefits

Med Supp Benefits	A	B	C	D	E	F	G	H	I	J	K	L
Part A Hospital Coinsurance
Part B Coinsurance											50%	75%
Blood											50%	75%
Hospice Care											50%	75%
Skilled Nursing											50%	75%
Part A Deductible											50%	75%
Part B Deductible
Part B Excess Charges							80%
Foreign Travel Emergency
At-Home Recovery
Preventive Care
Preventive Care not Covered by Medicare

The Cost of Medicare Supplement Plans

Though policies from different companies with the same name offer the same benefits, the prices differ from company to company. Insurance companies offering Medicare Supplemental plans set their own premiums depending upon your community, the age at which you purchased the policy or the age you are during the currency of your policy.

You need to have Medicare Part A and Part B to get a Medicare Supplemental policy, and hence you have to pay both the monthly Medicare Part B premium and the premium for the Medicare Supplemental insurance company.

Each insurance company is free to decide how it will set the premium for its Medicare Supplemental policies. You must ask how an insurance company prices its policies. It will affect how much you pay now and how much in the future. Medicare Supplemental policies can be priced (rated) in three ways. They are:

a) Community-rated (also known as “no-age-rated”)
b) Issue-age-rated
c) Attained-age-rated

When to enroll in and switch Medicare Supplement plans

You can enroll in a Medicare Supplemental plan during the six month period starting on the first day of the month in which you became 65 years or older and you are already enrolled in Medicare Part B. This is called the “open enrollment” period.

If your open enrollment period has passed, insurance companies can decline your Medicare Supplement application. So it is important to apply for a Medicare Supplemental plan within six months of you first becoming eligible. Once you are accepted for a policy, the renewal is automatic as long as you pay your premiums.

If you apply for a Medicare Supplement plan, you have a free period of 30 days to decide if you like your new policy. The 30-day period begins on the first day the policy becomes active. If you cancel your policy during the “free look” period, and if you are within your open enrollment period, you can apply for a new Medicare Supplemental plan. However, if you are outside your open enrollment period, your application can be rejected. Hence, it is important that a new Medicare Supplemental plan should not cancel any current plan until they are approved for the new plan.

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