Updated: May 1

As you prepare for the next chapter of your journey, having a flexible and reliable health plan with the benefits you value is more important than ever. Whether you require medical care while traveling, prefer the convenience of connecting with your doctor from the comfort of your home, or desire the flexibility to see any medical doctor or specialist that accepts Medicare, a Medicare Supplement plan may be exactly what you need. But before we delve into the benefits that a plan like this can offer, let's first review what a Medicare Supplement plan is and how it differs from other Medicare coverage options.

Medicare Eligibility

As you approach age 65, you may find yourself inundated with information about Medicare coverage options and your eligibility. This influx of information is crucial because signing up for Medicare before you turn 65 ensures that you have the health coverage you need when it matters most. Enrolling when you're first eligible not only guarantees timely coverage but also helps you avoid late enrollment fees. Therefore, it's essential to review the information as it arrives, ensuring you have all the necessary details to choose the Medicare plan that's right for you when the time comes.

When you turn 65, you become eligible for Original Medicare, a federally managed fee-for-service health plan. This comprehensive coverage grants you access to doctors, hospitals, and other healthcare providers that accept Medicare. Original Medicare consists of two main parts:

• Part A (Hospital Insurance): This covers services such as skilled nursing facility care, inpatient hospital care, hospice care, and some home health care.
• Part B (Medical Insurance): Part B helps cover services from doctors and other healthcare providers, outpatient care, home health care, durable medical equipment, and some preventive services.

While most individuals are automatically enrolled in Medicare Part A, signing up for Part B is necessary for each person.

Original Medicare May not be Enough

A Medicare Supplement plan (also known as Medigap) can help cover the health care costs not covered by Original Medicare, including some copayments, coinsurance, and deductibles. Medicare Supplement plans ensure you have the long-term health coverage you need and can help save you money.

Why should I choose a Medicare Supplement plan?

With a Medicare Supplement plan, Medicare pays its portion of your healthcare costs first, and then your Medicare Supplement policy pays a portion, helping to lower your out-of-pocket costs.

Medigap coverage may be right for you if:

• You are seeking treatment or care when traveling out of state
• You want to seek treatment from a Medicare-approved provider of your choice
• You want help paying for the healthcare costs Original Medicare doesn't cover, like deductibles, copayments, and coinsurance

Difference Between a Medicare Supplement (Medigap) and a Medicare Advantage Plan

Medicare Advantage plans are sold by private insurance companies to combine the benefits of Original Medicare with other benefits, like prescription drug coverage. Medicare Advantage plans may have more restricted provider networks, depending on the plan. A person with this type of plan may pay a premium, copayments, and a deductible.

In contrast, Medicare Supplement plans are accepted by any medical provider that accepts Medicare, and help cover coinsurance, copayment, and deductible expenses. Though Medicare Supplement plans don’t include prescription drug coverage, you can protect your savings from the high cost of prescriptions by complementing your supplement coverage with a standalone prescription drug plan. You can even add a vision or dental plan as well, addressing all of your health care needs in one place.

How do I get a Medicare Supplement plan?

When considering a Medicare Supplement plan, keep in mind…

• You must have Medicare parts A and B before purchasing a Medicare Supplement plan
• Medicare Supplement plans and Medicare Advantage plans are not the same thing:
• Medicare Supplement plans "supplement" your Original Medicare coverage
• Medicare Advantage plans replace your Original Medicare coverage
• You cannot have both a Medicare Supplement plan and a Medicare Advantage plan at the same time
• Medicare Supplement plans cover only one individual at a time

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