What are Medicare Supplement Plans?

Medicare Supplement Plans, also known as Medigap Plans, are plans which cover for health care services that Original Medicare does not cover, such as copayments, coinsurance and yearly deductibles. It also covers emergency health costs incurred while outside the U.S.


How it works

The Original Medicare pays first for costs incurred in health-care services and supplies provided to a beneficiary, Medigap plans then fills in the cost gaps. Simply, it supplements the Original Medicare (part A and B).

When to enroll

It is advisable to enroll for Medigap Plans during the first six-month Medigap open enrollment period.  This period begins automatically the first month a person turns 65 and is enrolled in Medicare Part B.  During this period, you can buy any plan available in your state in spite of your health status. After this period, it is not easy to buy these plans. If you are able to buy one, it may cost you more.

Additional facts

  • You can only enroll in a Cigna Medicare Supplement if you have Original Medicare (Part A and B).
  • It does not cover hearing aid, vision or dental care, long-term care, eyeglasses or private-duty nursing.
  • Medicare Advantage plans, Medicare Prescription Drug Plans, Medicaid, TRICARE, Veterans Benefits and long-term care insurance policies are not Medigap Plans.
  • You can use your plan with any provider that accepts Medicare.
  • It only covers one beneficiary. In case you have a spouse, you should buy two different plans.
  • It does not include drug prescription coverage. To cover your drug prescriptions cost, you can to join Medicare Prescription Drug Plan (Part D).
  • It is available in licensed private insurance in many states
  • It is illegal for any licensed insurance company to sell plans to any person who has a Medicare Medical Account (MSA) plan.
  • In most states, Medigap is only available to persons who are 65 years old and above. If you are enrolled and you are under 65, check with your states insurance department to find out if you are eligible.
  • Not all Medicare supplement Plans may be available in your state.
  • Your plan is guaranteed renewable as long as you continue to pay your premium.
  • Premium cost may vary by plan and location, even for standardized benefits.
  • You can’t use your plan to pay for cost you may have with a Medicare Advantage Plan. It can only cover costs in Original Medicare.







How to Be Financially Savvy in Choosing Medicare Supplement Plans

Evaluating your health insurance is very important but during leisure times, like holidays, doing the evaluation could be difficult. Having agents calling you during your fun periods could be bothersome. For those who own a Medicare Supplement policy, it is important that what is being spent on their health insurance policy is being checked. It is important to save!

With the CAP acronym as a case study, what does it stand for? These are three features of Medical Supplement insurance that give a helping hand in evaluating your policy’s effectiveness. Starting with “C” which means carrier. First check what carrier your policy has. It is obvious that the Medigap has been well formed but it does not stop the different charge rates from place to place and zip codes. You should always have to consult different agents to be able to know what carrier your policy has.

The next letter which is “A” stands for Age of Policy. This is how long you have had your policy. Having a particular policy for over 20 years is not advisable because with each passing year, the price increases despite being in good health. Every few years, it is financially savvy to get your rates compared with other carrier rates in your zip code. After buying a  carrier, it is due to be charged after 3 to 5 years. Policy holders get into policies that are less competitive which makes them spend a lot a d unable to save. Make sure you don’t fall victim by asking around to be sure you obtain the ideal policy.

The last letter in the “CAP” which is “P” stands for Plan Type. Plan F is being highly purchased by policy holders because they think it has all they want not knowing about plan G which has all the coverage found in plan F apart from that it does not have the part B deductible. Switching from Plan F to Plan G helps policy holders as they are able to save a lot more  even with Part B deductible. With thus article, one would be full of information on how to evaluate one’s Medicare Supplement Policy and above all, the “CAP” acronym should be used while doing this evaluation so as to help one purchase the best policy.

However, this does not mean that we are the ones to decide for you the health care plan you need. Take for instance, Plan F can be very expensive and when you look at the coverage, you may not be excited to go for it. There are numerous firms that offer insurance in the country. It is your duty to be financially savvy when it comes to choosing your policy.

Ensure that you have done your homework first before picking a policy. The truth is that it is not every policy that is suitable for you.  Suitability is something that you should consider before you pick that juicy policy.

Your guide to select the best Medicare Advantage Plans

The Medicare Advantage Plans come as a wonderful solution to address the healthcare needs of the individuals over the age of 65 years.  However, it demands that you are choosing the right plan from the right provider so that you can get the maximum extent and scope of coverage, when you need it the most. This requires you to pick the most suitable plans, and in such instances, you need to give special attention on the points that are discussed in the paragraphs underneath.


There are chances for differences in the coverage, terms and conditions and the rate of premium


The Medicare Advantage Plans come from Private Insurance companies, approved by Medicare. These companies enjoy the complete liberty to design the terms & conditions for governing the policies, complying with the minimum service conditions, as set by Medicare. Likewise, the rate of premiums is decided by these parties, without any attempts of influences by Medicare. Hence, even if you are getting the same extent and scope of coverages, you might require paying a premium at different rates, compared to the rate paid by any other individual. For instance, even if a friend or relative of yours is enjoying the plans, coming for Zero Premium, you may not find such plans from your provider.


Likewise, if your provider decided to move out of the network, you will have to find a new provider, and in such instances, it is most likely that you will have to comply with a new set of regulations or pay premium at different rates.


Even the zero premium plans are likely to involve some indirect expenses


Even if you are lucky to find a plan for Zero premium, don’t be in the 7th heaven of happiness, as it is likely that these plans involve some elements of indirect expenses. For instance, it is likely that your plan involves provisions like deductibles, Co-payments and coinsurance that indirectly compels you to incur some expenses, before the policy comes to any of your significant benefit. Most importantly, even after getting these policies, you will have to go on paying the insurance premium for the Part  B coverage of the original Medicare plan.

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On the positive side, even after taking the Medicare Advantage Plans, you will continue to receive the benefits under the Part A and B of the original Medicare Plan. On the other hand, these plans extends additional benefits like coverage on prescription drugs as well as coverages on routine dental, hearing and vision care.