There are a total of 10 Medicare Supplement Plans each represented by a letter of the alphabet beginning from A all the way up to N although E,H, I and J are no longer available.
- Medicare Supplement covers co-insurance costs upto an year after the Original Medicare Plan has expired.
- The Part A and Part B of the Medicare Plan covers hospice and copayment costs.
- The Medical Supplement plan also includes the costs incurred for the first three pints of blood.
- The Medicare Supplement Plan F is the most comprehensive scheme out there and it includes all the deductibles for the A and B Parts, coinsurance charges for the B Part and even a foreign travel medical coverage.
When and How to Enroll for the Supplement Plan?
The Medicare Supplement Plans 2019 is provided by private insurance agencies and to enroll into one, you have to be enrolled into a Medicare Part A and Part B. You can enroll for the Supplement Plan during open enrollment.
If you are 65 and older, your enrollment commences when you be a holder of the Part B Medicare Plan.
If you are turning 65, your best enrollment period would be the first 6 months after you have turned 65 and while enrolled in the Part B during that period.
Note that if you are under 65, you would not be eligible to buy any Medigap Plan according to Federal Law.
A variety of private insurance companies out there offer the Medigap insurance plan. Thus, it is recommended you go through the schemes each one has to offer, carefully and compare its premiums and benefits. It is essential to understand their pricing schemes and analyze how it would be beneficial down the line. Note that, premiums may subject to increase with respect to the behavior of general market also.
Medicare is a single-payer, national social insurance program administered by the U.S. federal government since 1966, currently using about 30–50 private insurance companies across the United States under contract for administration. Most medicare plans are HMOs (Health Maintenance Organizations), thus have a smaller network of doctors than those that accept original medicare.
The medicare plans are known by their letters (Plan A through Plan N). The plans are standardized such that each plan of the same name provides the same coverage no matter where it’s sold. Medicare Supplement plan costs, however, may vary regionally and by company. It is also worth noting that Medicare supplemental plans only cover an individual, hence in the case of a spouse or a couple, each will have to get a separate plan.