What You Need to Know About Medicare Supplement Insurance Plans

Medicare Supplement Insurance Plans are a Medigap policy designed to kick in and help cover costs not covered under Original Medicare (Parts A and B) coverage. You’re filling in the gaps created by co-payments, coinsurance and deductibles under Medicare, which can add up quickly with frequent doctor visits, an health emergency or chronic illness.

The Medigap policy you buy must be clearly identified as “Medicare Supplement Insurance Plan.” There are 10 different Medigap coverage options to choose from. Plans are labeled A, B, C, D, F, G, K, L, M, and N.

How A Medigap Policy Works

  • You must have Medicare Part A (hospital insurance) and Part B (medical insurance).
  • Medigap covers Medicare Part A and Part B, but it does not cover Medicare Part C (Medicare Advantage Plans), Medicare Part D (Prescription Drug Plans), or any other private health insurance, Medicaid, Veterans’ Administration benefits, or TRICARE.
  • You pay a monthly premium to the private insurer you choose for your Medigap policy in addition to your monthly Part B premium that you pay to Medicare.
  • The policy only covers one person. A spouse must buy a separate policy.

Medigap policies are regulated by state and Federal laws, with benefits for all coverage options the same regardless of the provider. The differences will be in the price, who administers the plan, and which of the 10 options the health insurer chooses to offer. With Omaha Insurance Solutions by your side, we will assist you in determining which health insurer best suits your needs, and help you shop around for the best prices.

When to Purchase Nebraska Medigap Supplement Plan

Keep in mind that the best time to buy a Medigap policy is during your Medigap Enrollment Period. This six-month period begins on the first day of the month in which you’re 65 or older and enrolled in Medicare Part B. After this enrollment period, your option to buy a Medigap policy may be limited and it may cost more. If you opt to delay enrolling in Part B because you have group health coverage based on your (or your spouse’s) current employment, your Medigap Open Enrollment Period won’t start until you sign up for Part B.

Also, if you enroll in a Medicare Advantage Plan, you are not permitted to and can’t be sold a Medigap policy. However, if you later return to Original Medicare, Parts A and B, you have a 12-month special enrollment period to sign up for a Medigap Supplement Plan.

Remember, all Nebraska Medigap policies are standardized (Plans A through N), but the prices are not. We’ll give you a complete break down on all Medicare Supplemental insurance policies and benefits.

Everyone Is Unique.

The right Medicare plan is the one with which you’re most comfortable. We’ll help you make this important choice by reviewing all the details of each plan with you. To speak with a licensed independent agent, give us a call at Omaha Insurance Solutions at 402-614-3389 TTY 711.