Each Medigap policy must adhere to government and state laws intended to protect you, and they should be clearly stated as “Medicare Supplement Insurance”. Insurance companies can offer you only a “standardized” policy recognized in most states by letters these plans are labeled Plan A, B, C, D, F, G, K, L, M and N (Massachusetts, Minnesota, and Wisconsin policies are standardized differently). All policies offer the same basic benefits, however, some offer extra benefits so you can pick the one that best fits your needs and budget.

Note: Plans E, H, I and J are no longer available to purchase, plans F & C no longer available to purchase for those newly eligible to Medicare 2020 and beyond – yet in the event that you already have one of these policies, you can keep it. Contact your insurance company for more information.

Different insurance companies might charge different premiums for the exact same policy. As you compare plans, make certain you’re comparing the same policy. For instance, compare Plan G from one company and Plan G from another company. How do I compare Medigap policies? In a few states, you might be able to purchase a kind of Medigap policy called Medicare SELECT, which is a policy that requires you to utilize certain hospitals and, in some cases, particular doctors or other health care suppliers to get full coverage. In the event that you purchase a Medicare SELECT policy, you have the option to change your mind in 12 months and switch to a standard Medigap policy.

What else should I know about Medicare Supplement Insurance (Medigap)?

Important Facts:
You are required to have Part A and Part B.
A Medigap policy is limited to just one individual. Spouses must purchase a separate policy. It’s essential to compare Medigap policies since the expenses may differ and costs might go up as you get older. A few states limit Medigap premium costs.
You can’t have prescription drug coverage in both your Medigap policy and a Medicare drug plan. In addition to your monthly Part B premium that you pay to Medicare, you pay the private insurance company a premium (monthly, quarterly, semi-annual, or annual).

When to buy:
The best time to purchase a Medigap policy is amid your Medigap Open Enrollment Period. After this Enrollment period, you will most likely be unable to buy a Medigap policy. This 6-month period starts on the first day of the month in which you’re 65 or older and enrolled in Part B. Some states may have additional Open Enrollment Periods.
If you’re younger than 65 years old, you may not be able to purchase the Medigap policy you need, or any Medigap policy, until you turn 65. This is because Federal law doesn’t require insurance companies to offer Medigap policies to individuals under 65. That being said, a few states require Medigap insurance companies to offer Medigap policies to individuals under 65 (those qualified for Medicare).
When you delay enrolling in Part B because you have group health coverage based on you or your spouse’s current employment, your Medigap Open Enrollment Period won’t begin until you sign up for Part B.

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