Medicare Supplements
While Medicare Advantage is a great option, a Medicare Supplement does a great job of allowing you to manage your healthcare delivery.
Medicare Supplements are provided by a Private Insurance Company just like Medicare Advantage Plans. The difference is that a Medicare Supplement does not replace your Medicare.
In fact, a Medicare Supplement allows you to keep your Original Medicare. You still go to any Doctor or Facility in the country as long as they accept Medicare. But, with a Medicare Supplement, often referred to as Medigap, it pays most if not all of what Medicare does not.
Medicare Supplements also come with a monthly preium just like the commercial insurance you have had most of your life, but the do not come with significant deductibles and co-pays.
Medicare Supplement and PDP
Another difference between a MAPD Plan and a Medicare Supplement is that a Supplement does not provide drug coverage. You would be required to get a drug Plan, a PDP, as a stand alone.
The same concept as a Medicare Advantage Prescription Drug Plan, MAPD, your drugs are entered and a choice of several PDP’s with the lowest premium and cost for your medications will be given.
Medicare Supplement Benefits
Medicare Supplements are standardized and there are currently 10 letter plans. If you turned 65 prior to January 1st 2020 and had Medicare Part A there are a couple of additional plans that are available to you. Every Letter plan eg. Plan G have the same core benefits no matter what company you choose. The only difference is price.
There are two Plans, Plan G and Plan N that are currently responsible for about 95% of all new plans written. This is because they offer the most comprehensive coverage and leave the consumer with the least out of pocket cost share. (see chart at Medicare Chart Comparison.)
Some companies offer benefits outside the core benefit package such as:
- Dental Discounts
- Fitness memberships
- Hearing Discounts
- Meals after Hospitalization
- Vision Discounts
Benefits you are eligible for will depend on your area and plan providers.
When to enroll
When you first get Medicare you have an open enrollment where you can sign up for a Medicare Supplement without any medical questions, no underwriting. Also, if you stayed on a group plan with your employer past 65 you can use a guaranteed issue period to sign up without underwriting. Also, if you decided on a MAPD at 65 you get a 1 year free look period where you can switch back to a Medicare Supplement without underwriting.
Beyond that if you decide a Supplement is for you it will be medically underwritten and you may or may not qualify based on your health.
You can change Supplement plans anytime you want unlike an MAPD. Just remember you will be medically underwritten to change plans.
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