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How to Choose the Right Medicare Supplement Company
Understanding Medicare Supplement Insurance
Medicare Supplement Insurance, also called Medigap, helps pay many of the out-of-pocket costs that Original Medicare does not cover, such as deductibles, copayments, and coinsurance.
One of the most important things to understand is that Medigap plans are standardized by the federal government. This means that a Plan G from one insurance company provides the same medical benefits as a Plan G from any other company. The same is true for Plans F, N, and the other standardized Medigap plans.
The difference is not the coverage. The difference is the insurance company.
Insurance companies vary in:
• Monthly premiums
• Rate increase history
• Financial strength
• Customer service
• Household discounts
• Underwriting guidelines
Some of the Medicare Supplement insurance companies we work with include:
• Aetna
• ACE
• Aflac
• Allstate Health Solutions
• Bankers Fidelity
• Blue Cross Blue Shield
• Capitol Life
• Cigna Healthcare
• Humana
• Mutual of Omaha
• UnitedHealthcare
• Wellabe / Medico
Our licensed agents compare multiple carriers to help you find the plan that offers the best overall value.
Plan Letters Determine Your Benefits
Every Medicare Supplement policy must follow federal and state regulations and be clearly labeled with a standardized plan letter, such as Plan G or Plan N.
The benefits are determined by the plan letter, not by the insurance company.
For example:
• Every Plan G provides the same standardized medical benefits.
• Every Plan N provides the same standardized medical benefits.
Your goal is to find the insurance company offering the most competitive premium, strong financial stability, and a history of reasonable rate increases.
Understanding Your Medigap Open Enrollment Period
Your Medigap Open Enrollment Period lasts for six months. It begins the month you are both:
• Age 65 or older
• Enrolled in Medicare Part B
During this period, insurance companies cannot deny coverage or charge higher premiums because of your health.
Once this enrollment period ends, most companies can use medical underwriting if you apply for a new Medigap plan. This means they may review your health history before approving your application.
When Should You Review Your Medigap Plan?
Many people keep the same Medicare Supplement plan for years without realizing they may have better options available.
It may be a good time to review your coverage if:
• Your monthly premium has increased
• Your healthcare needs have changed
• Your budget has changed
• You want to compare rates from other insurance companies
Even if you are happy with your coverage, reviewing your plan every few years helps ensure you are still receiving competitive pricing.
Why Insurance Company Rates Differ
Although coverage is standardized, premiums are not.
Insurance companies calculate premiums differently based on factors such as:
• Your age
• Your ZIP Code
• Tobacco use
• Household discounts
• Company pricing methods
• Overall claims experience
Some companies raise premiums faster than others over time. Looking beyond today's price can help you avoid larger increases in future years.
Medical Underwriting
If you apply for a Medicare Supplement plan after your Open Enrollment Period, many insurance companies will ask health questions before deciding whether to approve your application.
Common underwriting questions may include:
• Have you been diagnosed with cancer within the last two years?
• Have you recently had a heart attack or stroke?
• Do you have insulin-dependent diabetes with complications?
Each insurance company has different underwriting guidelines, so being declined by one carrier does not necessarily mean another company will also decline your application.
Prescription Drug Coverage
Medicare Supplement plans do not include prescription drug coverage.
If you need prescription drug benefits, you will also need to enroll in a separate Medicare Part D Prescription Drug Plan.
Our licensed agents can compare available Part D plans based on the medications you take to help you choose the option that best fits your needs.
Benefit Chart of Medicare Supplement Plans Sold on or After January 1, 2020
This chart shows the benefits included in each standardized Medicare Supplement plan. Every insurance company must offer Plan A. Some plans may not be available in every area.
Only applicants who first became eligible for Medicare before January 1, 2020, are eligible to purchase Plans C and F.
A checkmark means the plan pays 100% of the listed benefit, subject to Medicare rules and plan limits.
| Benefits | Plans Available to All Applicants | Medicare First Eligible Before 2020 Only | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| A | B | D | G1 | K | L | M | N | C | F1 | |
| Medicare Part A coinsurance and hospital costs, up to an additional 365 days after Medicare benefits are used up | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Medicare Part B coinsurance or copayment | ✓ | ✓ | ✓ | ✓ | 50% | 75% | ✓ |
✓ Copays apply3 |
✓ | ✓ |
| Blood, first three pints | ✓ | ✓ | ✓ | ✓ | 50% | 75% | ✓ | ✓ | ✓ | ✓ |
| Medicare Part A hospice care coinsurance or copayment | ✓ | ✓ | ✓ | ✓ | 50% | 75% | ✓ | ✓ | ✓ | ✓ |
| Skilled nursing facility coinsurance | Not covered | Not covered | ✓ | ✓ | 50% | 75% | ✓ | ✓ | ✓ | ✓ |
| Medicare Part A deductible | Not covered | ✓ | ✓ | ✓ | 50% | 75% | 50% | ✓ | ✓ | ✓ |
| Medicare Part B deductible | Not covered | Not covered | Not covered | Not covered | Not covered | Not covered | Not covered | Not covered | ✓ | ✓ |
| Medicare Part B excess charges | Not covered | Not covered | Not covered | ✓ | Not covered | Not covered | Not covered | Not covered | Not covered | ✓ |
| Foreign travel emergency, up to plan limits | Not covered | Not covered | ✓ | ✓ | Not covered | Not covered | ✓ | ✓ | ✓ | ✓ |
| Annual out-of-pocket limit | Not applicable | Not applicable | Not applicable | Not applicable | Annual limit applies2 | Annual limit applies2 | Not applicable | Not applicable | Not applicable | Not applicable |
1 Plans F and G also offer high-deductible options. You must pay the applicable annual plan deductible before the plan starts paying covered expenses.
2 Plans K and L pay 100% of covered services for the rest of the calendar year after you meet the annual out-of-pocket limit and the Medicare Part B deductible. Annual limits change each year.
3 Plan N pays 100% of Part B coinsurance, except for a copayment of up to $20 for certain office visits and up to $50 for emergency room visits that do not result in an inpatient admission.
Medical Underwriting
If you apply for a Medicare Supplement plan after your Open Enrollment Period, many insurance companies will ask health questions before deciding whether to approve your application.
Common underwriting questions may include:
• Have you been diagnosed with cancer within the last two years?
• Have you recently had a heart attack or stroke?
• Do you have insulin-dependent diabetes with complications?
Each insurance company has different underwriting guidelines, so being declined by one carrier does not necessarily mean another company will also decline your application.
Helpful Tips Before Buying a Medigap Plan
Before enrolling in a Medicare Supplement plan, keep these important points in mind:
• You must be enrolled in both Medicare Part A and Part B.
• You pay your Medigap premium in addition to your Medicare Part B premium.
• You can apply for a Medigap plan any time during the year, although medical underwriting may apply after your Open Enrollment Period.
• Medigap policies cover one person only. Spouses must purchase separate policies.
• Some insurance companies offer household or automatic payment discounts.
• Some companies charge a one-time application or processing fee.
• Certain life events may qualify you for Guaranteed Issue rights, allowing you to purchase coverage without medical underwriting.
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.
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