FIND OUT MORE ABOUT
MEDICARE SUPPLEMENT INSURANCE PLANS.

If you are eligible for Medicare and concerned about paying for the costs that Medicare does not cover, like copayments, coinsurance, and deductibles, a Medicare Supplement Insurance Plan (or Medigap) policy may help.

What Is A Medicare Supplement Insurance Plan?

A Medicare Supplement Insurance Plan (Medigap) policy, sold by private companies, can help pay some of the health care costs that Original Medicare does not cover, like copayments, coinsurance, and deductibles.

Some Medicare Supplement Insurance Plan policies also offer coverage for services that Original Medicare does not cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medicare Supplement Insurance policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medicare Supplement Insurance policy pays its share.

A Medicare Supplement Insurance Plan policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medicare Supplement Insurance policy only supplements your Original Medicare benefits.

If you are eligible for Medicare and concerned about paying for the costs that Medicare does not cover, like copayments, coinsurance, and deductibles, a Medicare Supplement Insurance Plan (or Medigap) policy may help. For more information about what could be covered in your specific situation, contact BK Insurance Services.

8 Things To Know About Medicare Supplement Insurance Plans (Medigap)

  • You must have Medicare Part A and Part B.
  • If you have a Medicare Advantage Plan, you can apply for a Medicare Supplement Insurance Plan policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement Insurance policy begins.
  • You pay the private insurance company a monthly premium for your Medicare Supplement Insurance policy in addition to the monthly Part B premium that you pay to Medicare.
  • A Medicare Supplement Insurance policy only covers one person. If you and your spouse both want Medicare Supplement Insurance coverage, you will each have to buy separate policies.
  • You can buy a Medicare Supplement Insurance policy from any insurance company that is licensed in your state to sell one.
  • Any standardized Medicare Supplement Insurance policy is guaranteed renewable even if you have health problems. This means the insurance company cannot cancel your policy as long as you pay the premium.
  • Some Medicare Supplement Insurance policies sold after January 1, 2006 are not allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Part D Prescription Drug Plan.
  • It’s illegal for anyone to sell you a Medicare Supplement Insurance Plan policy if you have a Medicare Medical Savings Account (MSA) Plan.