Medicare Supplement Insurance
When you become eligible for Medicare, your mailbox is stuffed with paper — from your Medicare card to Medicare Supplement insurance brochures. It can feel overwhelming to weed through it all and decide which plan is right for you. That’s why we’ve broken down what Medicare Supplement insurance is, how it works, and how to evaluate different plans. If you still feel bewildered by all your options at the end, please contact us to learn how a Medicare Supplement insurance plan can fit your individual needs.
NOTE: If you live in North Carolina, please visit this page to learn about Medicare Supplement insurance in your state.
What Medicare Supplement insurance is
Medicare Supplement insurance may help you pay for expenses that Medicare does not cover. Also called Medigap — because it fills in the gaps of Medicare coverage — this type of insurance helps you cover potentially expensive out-of-pocket costs, like coinsurance, copayments, and deductibles.
Medicare Supplement insurance is not a government program. It's private insurance. It’s also not the same as a Medicare Advantage plan, sometimes called “Part C.” When you compare Medicare Advantage vs. Medicare Supplement, remember Medicare Advantage is an alternative medical plan to original Medicare provided by private insurance companies that must follow rules set by the government. You cannot use a Medicare Supplement policy and Medicare Advantage plan at the same time.
How Medicare Supplement insurance works
You must have Medicare Parts A and B to qualify for any Medicare Supplement policy. Your Medicare Supplement insurance plan pays its share of costs after Medicare pays its share. You’ll need to buy two separate Medicare Supplement policies if you and your spouse need coverage because a Medicare Supplement policy only covers one person.
Medicare Part A covers inpatient hospital care, stays in a skilled nursing facility or nursing home, hospice care, surgeries, and some home health care. Medicare Part B covers doctor appointments, outpatient hospital care, medical equipment, and some preventive care.
Keep in mind, Medicare Supplement policies don’t cover everything. Dental, vision, hearing, long-term, and private-duty nursing care are usually not included. Since 2006, Medicare Supplement policies aren’t allowed to include prescription drug coverage. You’ll have to join a Medicare Prescription Drug Plan (Part D) to cover medications.
What to look for in a Medicare Supplement insurance plan
The biggest difference between plans is the cost. All Medicare Supplement plans offered by private insurance companies are required to follow federal and state laws that are designed to protect you, the consumer. That's why Medicare Supplement plans offer similar benefits, such as:
- Freedom to choose any doctor or hospital that accepts Medicare, so you don’t need to worry about finding network providers or getting referrals to see specialists
- The ability to cancel your policy and have your premium refunded — minus any claims paid — within 30 days, if you’re not completely satisfied
A few exceptions exist among plans. For example, Plans C, D, F, High-deductible F, G, M, and N allow you to receive foreign travel emergency health care coverage when you travel outside the United States. Plan F is no longer available for individuals who become eligible for Medicare after Jan. 1, 2020.
Why our plans stand out
Medico's agents help you select a Medicare Supplement insurance plan that fits your needs and budget. We offer Plans A, F, High-deductible F, G, and N, and a basic benefit plan with optional riders in Wisconsin. The map below lists which plans are available in each state.
When you purchase a Medico Medicare Supplement insurance plan, you’re getting a low premium with:
- A discount on your premium when you set up an automatic bank withdrawal from your checking or savings account
- A discount in some states on your premium rate if you live with another person over 18 years old, even if they don’t have coverage with us
- No pre-existing condition waiting period; prior medical conditions are covered as soon as your policy is effective
For more information on Medicare Supplement insurance or any of our products, call 800-547-2401, option 3.
Which states offer our Medicare Supplement plans
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This article is intended to provide a general description of the policy benefits. Policy provisions and benefits may vary from state to state and may not be available in all states. Please see the policy for further details. This policy has exclusions and terms under which the policy may be continued in force or discontinued. For costs and further details of coverage, see your agent or write to the insurance company. We will not reduce or deny a claim under this policy because a sickness or injury existed before the policy date. We will not pay benefits for expenses incurred for outpatient prescription drugs, other than drugs covered by Medicare Parts A and B; non-Medicare eligible expenses; services for which you are not liable or for which a charge normally is not made when there is no insurance; and any loss that occurs while this policy is not in force. We will not duplicate any benefit paid by Medicare.
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