Medicare Supplement Insurance
Medicare Parts A and B work together to provide basic medical coverage, but they don’t pay for everything. Expenses such as deductibles and coinsurance are still your responsibility.
Medicare supplement insurance plans also known as Medigap insurance, help pay for some, or all, of the out-of-pocket costs that Medicare Parts A and B don’t pay. This is the most comprehensive coverage available. Medicare supplement insurance plans are offered by private insurance companies and work with the coverage provided through Medicare Parts A and B. There are no networks, you may see any physician you want (provided they take Medicare) anywhere in the US. There is also some coverage out of the country. A variety of standardized plans are available to meet your budget, and each offer the same basic benefit structure. Benefits and costs vary depending on the plan chosen. The plans are standardized by the federal government, meaning there is no difference in coverage from company to company. Plan F is plan F no matter the company offering it. The difference is each company charges their own rates. These rates can vary vastly for the same coverage.
NOTE– Medicare supplement insurance plans help you control your health care because there are no network restrictions. This means you can visit any doctor anywhere in the USA who accepts Medicare patients, and you can see a specialist with no referrals needed.
REMEMBER—In all states, Medicare supplement plans have been standardized, meaning they have the exact same benefits. So when shopping for a plan, you can compare one company’s “plan F” to another company’s “plan F.”
Note: Medicare supplement plan options available in Massachusetts, Minnesota and Wisconsin are standardized differently than plans available in the rest of the U.S.