Supplemental
What is a Medicare Supplement insurance plan?
A Medicare Supplement Insurance plan (Medigap) can help cover some of the costs that are left unpaid after Medicare Parts A and B pay their portion of your healthcare expenses. Unlike a Medicare Advantage plan, which is an alternative to your Medicare Part A and B benefits, a Medicare Supplement Insurance plan is purchased in addition to your Medicare Part A and B benefits.
Medicare Supplement policies are standardized into 10 plans – labeled “A” through “N”, each with its own set of benefits. All policies offer the same basic benefits but some offer additional benefits.
Medicare Supplement Insurance policies are sold by private insurance companies. While the costs of these policies may vary, individual insurance companies must provide the same standardized benefits. Some companies may offer additional benefits. To purchase a policy, in general you must be enrolled in Medicare Part A and Part B. In addition to paying the monthly Medicare Part B premium, you will have to pay a premium to the insurance company providing your Medicare Supplement coverage.
Medicare Supplements and Part D Insurance Plans
By rule, all Medicare supplement coverages sold today do not include prescription drug coverage of any kind. This means if you purchase a traditional Medicare supplement (like Plan A, C, D, F, G, N, etc.) and you also want a Part D plan, then you must purchase the two separately. They can be offered from the same company, but they are always going to be separate policies.
If you choose not to enroll in a traditional supplement and remain only on Medicare Parts A and B, then you can always purchase a stand-alone prescription drug plan (PDP) from the carrier that best suits your needs. There are no requirements to purchase a Medicare supplement in order to enroll in a Part D plan.
Contact Us for Assistance
We are an independent insurance agency representing multiple carriers in several states. We
specialize in Supplements, Advantage Plans, and Part D coverage.
We are a one-stop shop for your Medicare insurance needs. Contact us today to discuss your
options.
