Medicare Supplement Plans

When it comes to healthcare costs, Medicare pays for a lot, but not everything. To help out with many of the expenses, you may want to consider Medicare Supplement insurance, also called Med Supp or Medigap.

What Does Medicare Supplement Cover?

This type of insurance can help pay for copayments, deductibles and coinsurance. Some policies even cover services Medicare doesn’t, such as medical care when you travel outside of the country, and helping to cover emergency medical care. Long-term care, vision, or dental care, hearing aids, and private-duty nursing are usually not covered, and Medigap doesn’t include prescription drugs.

Medigap is sold through private insurers and is only available to people enrolled in Medicare Part A and Part B. If you have a Medicare Advantage plan, you can usually switch to a Medicare Supplement policy at any time; however, you will have to answer some questions regarding your health when you apply, and your policy premium may be adjusted based on your health history.

There are 10 Medigap plans, and each is named by letter. All plans offer the same basic benefits, though each provides slightly different levels of coverage.

How much does supplemental insurance cost?

Insurance companies set the premiums for their Medigap plans, which means costs can vary widely for the exact same coverage. Shop around before signing up for a policy. And remember, you will still need to pay the monthly Part B premium in addition to the monthly cost for Medigap, plus you also need to apply for prescription drug coverage in order to avoid incurring a late enrollment penalty, unless you have creditable coverage from another source such as the VA.

How to Enroll in Supplemental Insurance

As with other Medicare plans, timing matters when it comes to enrolling in Medigap. The best time to start a policy is during your Medigap Open Enrollment Period, when you can buy any Medigap policy sold in your state, regardless of your health conditions. This six-month window begins the month you turn 65, and you must already have Part A and Part B.

If you miss that enrollment period and try to apply later, you may need to meet the insurance company's underwriting requirements before you can purchase a plan. They may also charge you a higher monthly premium. And if you have a pre-existing condition, the insurer can refuse to cover any out-of-pocket costs for that condition for up to six months.

We're here to help

Choosing the right plan can be overwhelming, but we have you covered. It can be very helpful to work directly with an agent in Michigan who is licensed, and educated in the Medicare market and can walk you through the different options, and help you choose the plan that is right for you.

Your partners at Silvur Insurance are here to help and can meet with you one-on-one in your local MSU Credit Union Branch, over the phone, or even virtually - all, at no cost to you! To schedule a meeting with one of our agents, click HERE or call (888) 372-3999.