Medicare: What is a Medicare Supplement or Medigap plan?

Medicare Supplement Plans are also referred to as Medigap Plans.

Medicare can be confusing and the terminology doesn’t help.  We’re going to dedicate a few posts to give simple explanations regarding Medicare Supplement Plans, also known as Medigap Plans. These terms are used interchangeably to describe the same product.

What is a Medicare Supplement or Medigap plan?
(We’ll refer to them as Medicare Supplements in this discussion)
A Medicare Supplement is a supplement health insurance plan purchased from a private insurance company by Medicare beneficiaries who have previously enrolled in Medicare Part A and Medicare Part B.

  • Coverage: Medicare Supplement plans help pay for services that are not covered by Medicare.
  • Plan Types: Medicare Supplement plans are labeled with letters A-N and are regulated by the Federal Government. Although, plan availability may differ by state. Example: Plan F in Texas will have the same exact benefits as Plan F in another state. The ONLY difference will be price.
  • Cost: You will pay a monthly premium for a Medicare Supplement plan. Premium prices will vary by age, zip code and insurer. Example: ABC Insurance Company offers Plan F for $125.00 per month. However, XYZ Insurance Company offers Plan F for $115.00 per month. They are the same plan but the premiums are different. Hint: It is always good to shop around.

Note: You must enroll in Medicare Part B prior to purchasing a Medicare Supplement plan

We’ll cover more about this subject in future posts. We hope this information is helpful. Please feel free to contact one of our licensed HybridCare team members with any questions or if you would like a quote on a Medicare Supplement. HybridCare specializes in Medicare Supplement insurance and offers plans from multiple providers to ensure the lowest price.  Medicare.gov provides a helpful Medigap guide.

Question: What else do you want to know about Medicare Supplement Insurance or Medigap plans? (comment below)