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September 1, 2022

Is Medicare Supplement Insurance Required?

Medicare supplement insurance, also called Medigap, isn’t required but can help pay some health-care costs that Original Medicare doesn’t cover. People who have or are signing up for Original Medicare can choose to add a Medicare supplement plan to help cover out-of-pocket costs for covered medical services. 

Contact Professor Medicare in Boulder, Colorado, to learn how to sign up for Original Medicare, choose Medicare Supplement coverage and evaluate your other Medicare coverage options. 
doctor putting medigap card in pocket of jacket
What Is Medicare Supplement Insurance? 
Medicare supplement insurance, or Medigap, is separate from Original Medicare, which has two parts— Part A (hospital insurance) and Part B (medical insurance). Insurance companies offer plans labeled A-D, F, G and K-N to help Original Medicare recipients pay for out-of-pocket costs. The coverage for each plan differs, and some plans may have very low premiums. 

Medicare supplement insurance may cover copays, coinsurance and deductibles for Medicare-covered healthcare expenses. Depending on your plan, it may also cover some costs not covered by Original Medicare, such as medical care when you travel outside of the United States.  

Medigap plans are standardized, so every insured person receives the same coverage according to their chosen plan. However, Wisconsin, Minnesota and Massachusetts residents have access to Medicare supplement plans that are standardized differently than the other states. 

Medigap plans are also different from Medicare Part C, also called Medicare Advantage, Medicare Part C bundles include Original Medicare (Part A and Part B), and most plans offer additional benefits, including Part D prescription drug coverage. The amount of money you must pay out-of-pocket each year for covered health services is limited. Medicare Advantage plans are offered by private insurance companies.  

Medigap plans and Medicare Advantage plans are not compatible.  

What Do I Need to Know About Medicare Supplement Insurance? 
When you choose Medicare supplement insurance coverage, you’ll pay the insurer a monthly premium. While each plan’s coverage is standardized, insurers may charge different premiums. It’s crucial to get quotes from multiple insurers. 

Medicare supplement insurance costs may change yearly and increase as you age. 

How to Get Medicare Supplement Insurance 
The best time to purchase Medicare supplement insurance is during Medigap open enrollment. Open enrollment is a six-month period that starts the first month you have Medicare Part B. If you are under 65, you may not be able to purchase a Medigap policy in your state since federal law doesn’t require insurance companies to offer Medicare supplement insurance to those not yet 65. If you live in a state where people younger than 65 can purchase Medigap coverage, it may cost you more.  

If you live in the Boulder, Longmont, Broomfield, Arvada or Denver area, contact Professor Medicare to choose Medigap coverage and a personalized quote. 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 

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