To understand Medicare Supplement plans, let’s take just a moment to make sure we’re clear on Medicare itself:
- Medicare Part A essentially covers hospitalization.
- Medicare Part B basically covers doctor visits and other outpatient services.
Together, Medicare Part A and Part B are what is typically described as “Original Medicare” or standard Medicare. Most people are automatically enrolled in Part A and opt in to Part B.
Now, while Part A and Part B cover a lot of health expenses, they don’t cover everything. There are still holes or gaps in the coverage. (You may have heard politicians describe the “donut hole” in Medicare). There are various deductibles and copays that you would still owe when you receive healthcare services.
Medicare Supplement Plans
Medicare Supplement plans are designed to fill in these gaps. That’s why they’re sometimes called “Medigap” plans.
Here are a few key facts about Medicare Supplement Plans:
- Medicare Supplement plans are offered by private insurance companies.
- These supplement plans are standardized by the federal government. So “Plan F” is the same plan with the same benefits with each insurance company that chooses to offer it.
- When you turn 65, you can select a Medicare Supplement plan and enroll with no underwriting. After your initial enrollment into Medicare, you’ll have to go through some medical underwriting if you want to get a Medicare supplement plan.
Because Medicare Supplement plans are standardized by the government, the only decision you need to make is which plan you want and which company’s plan you want to purchase.
Your options will vary state to state, of course. AC Forrest Insurance recommends enrolling with large, reputable insurance companies (that most people have heard of) because they tend to offer greater stability in their rates year to year.
If you live in South Carolina, Georgia, North Carolina, Tennessee, Alabama, or Kentucky, we’re ready to help you enroll in a Medicare Supplement plan.