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Medicare SupplementsA Supplemental (also know as a Medigap or Tie-in) policy is health insurance sold by private insurance companies to fill the “gaps” (deductibles, co-insurance, and co-payments) in Original Medicare Plan coverage. Supplemental policies help pay some of the health care costs that the Original Medicare Plan doesn’t cover. If you are in the Original Medicare plan and have a Supplemental policy, both pay their shares of covered health care costs.
It is important to compare Supplemental policies, because costs can vary. The benefits for any Plan A through L are the same for any insurance company. The differences in how the insurance company sets it premiums, what the premiums are, health qualifications (underwriting), pre-existing condition waiting periods, and any provider restrictions (Select policies), may make a difference in which insurance company will work best for you. It is also important to work with someone who is experienced in the Medicare market. They should be able to explain how Medicare works, what is covered and what is not. They should also be able to explain the differences in the 12 different standardized plans so that you feel comfortable about your decision of which plan and company will be right for you. At OFM, we have that experience and knowledge. Let us help you make the right decisions about your Medicare supplemental coverage. To receive a quote on Medicare Supplement Policies, click here. |
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Insurance companies can only sell you a “standardized” Supplemental policy. These policies must all have specific benefits so you can compare them easily. You may be able to choose from up to 12 different standardized policies, Plans A through L.
