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 Medigap policy 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 supplemental insurance plan can fit your individual needs.

What Medicare Supplement insurance is

The purpose of Medicare Supplement insurance is to 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, which provides avenues to get Medicare benefits. You cannot use a Medigap policy and Medicare Advantage plan at the same time.

How Medicare Supplement insurance works

Your Medicare Supplement insurance plan pays its share of costs after Medicare pays its share. You must have Medicare Parts A and B to qualify for any Medigap policy.
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.
You’ll need to buy two separate Medigap policies if you and your spouse need coverage because a Medicare Supplement policy only covers one person. As long as you pay your premiums, your policy can’t be canceled because of your health problems.
Keep in mind, Medigap policies don’t cover everything. Dental, vision, hearing, long-term, and private-duty nursing care are usually not included. Since 2006, Medigap 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 Medigap plans offered by private insurance companies are required to follow federal and state laws that are designed to protect you, the consumer. So, most Medicare Supplement plans offer similar benefits, with exceptions per state.

Even Medico’s family of companies has exceptions. For example, Medico Corp Life Insurance Company and Medico Life and Health Insurance Company offer Medigap plans, but Medico Life and Health Insurance Company does not offer Medicare Supplement insurance in Texas. Massachusetts, Minnesota, and Wisconsin standardize Medicare Supplement insurance in different ways. Be sure to check your individual policy to see what your state covers.

Why Medico’s plans stand out

Medico has been providing insurance solutions for nearly 90 years. Our agents help you select a Medicare Supplement insurance plan that fits your needs and budget.
When you purchase a Medico Medicare Supplement insurance plan, you’re getting your lowest Medico 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
  • A preferred rate for non-tobacco users*
  • Coverage when you travel domestically as well as internationally with most plans
  • No pre-existing condition waiting period. Prior medical conditions are covered as soon as your policy is effective.
  • 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

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

*The use of tobacco will not be a deciding factor for preferred rates if you are in your open enrollment or guaranteed issue period.
Policy forms: MSM70A, MSM70A(TN), MSM70F, MSM70F(TN), MSM70G, MSM70G(TN), MSM70N, MSM70N(TN), MSM70A(TX), MSM70DISA(TX), MSM70F(TX), MSM70G(TX), and MSM70N(TX)
In LA, TN, and TX coverage is available to qualified Medicare beneficiaries under the age of 65.
Medico Corp Life Insurance Company is not connected with or endorsed by the United States government or the federal Medicare program.
Medico Insurance Company, Medico Corp Life Insurance Company, and Medico Life and Health Insurance Company are not financially responsible for each other’s products.
This article is intended to provide a general description of the policy benefits. Policy provisions and benefits may vary from state to state. 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 Medico Insurance Company. This is a solicitation of insurance and a licensed producer may contact you.
If there is a discrepancy between this article and the contract, the contract language prevails.
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Photo credit: iStock/Tom Merton