Medicare Supplement Insurance, often referred to as Medigap, is crafted to bridge the “gaps” left in your Medicare coverage. This type of insurance helps cover your copayments and coinsurance, thus reducing your out-of-pocket healthcare expenses. Previously, Medigap policies were allowed to cover Part B Medicare deductibles, but that provision has been discontinued, which is why Plans C and F are no longer available to most individuals. Additionally, Medigap can sometimes extend coverage for medical services received outside the United States. To be eligible for a Medicare Supplement Insurance policy, you must be enrolled in both Medicare Part A and Part B. It’s important to note that Medigap differs from Medicare Advantage Plans, which are comprehensive insurance plans.

Monthly premiums for your Medicare Supplement insurance policy must be paid in addition to your standard Part B premium to Medicare. This coverage is individual, meaning that if both you and your spouse wish to have Medigap plans, each of you must obtain separate policies. These policies can only be acquired from companies licensed to sell them in your state. Provided you continue paying your premiums, the company cannot cancel your Medicare Supplement Insurance, even if you encounter serious health issues. However, this insurance does not cover prescription drug costs. To have prescription coverage, you must purchase a separate Prescription Drug Plan (Part D). Furthermore, if you have a Medicare Advantage Plan, it is illegal for a company to sell you a Medigap policy unless you plan to revert to Original Medicare.

The typical expense for Medicare Supplement Insurance hovers around $150 per month, totaling approximately $1,800 annually. Several factors influence the cost of these policies. As they are managed by private insurance companies, prices can fluctuate significantly. More extensive coverage results in higher premiums. Notably, unlike other insurance types, the cost of your policy may not be influenced by age. To avoid age-based premiums, seek out “No Age-Related” policies. Conversely, “Entry Age Rated” policies base the cost on your age at the time of purchase, meaning a plan bought at 65 may be cheaper than one acquired at 75. Some policies calculate premiums based on your current age, leading to potential annual increases. Additionally, your geographic location can affect the price of your Medigap policy.

Each year, various watchdog organizations, such as Investopedia and Forbes, assess and rank Medicare Supplement Insurance plans. These rankings consider numerous factors, including price, customer service, and other elements that determine the overall quality and suitability of a company’s offerings. Among the top-rated companies are the following five:

Mutual of Omaha stands out for providing transparent information on their website regarding the plans they offer. This clarity simplifies the enrollment process, allowing customers to easily connect with a local agent who can answer any questions and facilitate policy setup. Their customer service is exceptional, and the company frequently receives high marks for overall customer satisfaction.

AARP, in partnership with UnitedHealthcare, a leading name in insurance, offers Medicare Supplement plans. UnitedHealthcare’s collaboration with AARP enables members to access highly rated customer service and effortlessly locate a policy tailored to their needs within their local area.

Cigna distinguishes itself with competitive rates and exemplary customer service. Often considered the gold standard in the insurance industry, Cigna provides numerous additional options at no extra cost. They also offer online quotes, streamlining the initial steps of purchasing a policy.

Anthem offers supplemental coverage that includes cost-sharing services not typically covered by standard Medigap plans. Some of their policies even extend to dental and vision expenses. Although their Medigap plans are somewhat limited, they provide additional coverage options that are rarely available from other companies.

Aetna offers some of the most affordable plans in the market. Their low rates apply to the most popular Medigap policies, and they reinvest premiums into extra services for their customers to maintain competitive pricing. However, customers need to call to obtain a quote, as Aetna does not provide online options.

These companies exemplify the diverse range of benefits and services available in the Medicare Supplement Insurance market, catering to various needs and preferences while maintaining high standards of customer satisfaction.

For seniors with modest incomes, there exists the possibility of qualifying for both Medicare and Medicaid. Medicaid is a government initiative aimed at individuals with low income or specific disabilities. If you are eligible for Medicaid, purchasing a Medicare Supplement policy becomes unnecessary since the majority of your medical expenses will be covered by these two government programs. In fact, regulations prohibit insurance companies from selling Medicare Supplement policies to those who are already enrolled in Medicaid. Medicaid serves the same purpose as Medigap policies by covering additional costs that Medicare does not, making it redundant to pay a monthly premium for a Medicare Supplement policy.

Medigap policies are incompatible with Medicare Advantage plans. In fact, it’s against the law for an insurance company to sell you a Medigap policy if you are enrolled in Medicare Advantage. You cannot use Medicare Supplemental Insurance to cover costs not paid by Medicare Advantage. The only way to obtain a Medicare Supplement plan is to revert to Original Medicare and cancel your Medicare Advantage plan. Be aware that canceling your plan might prevent you from re-enrolling in the same plan. Additionally, if your previous Medicare Advantage plan included prescription drug coverage, note that such coverage is no longer allowed under Medicare Advantage plans. You will need to buy a separate prescription drug plan. If you decide to return to a Medicare Advantage plan after canceling it, you are not obligated to select the same plan you had before.

If you’re seeking a Medicare Supplement Insurance plan and want to minimize your premium costs, consider signing up with SeniorDiscountNetwork.com. Our team of experts has identified the top savings opportunities for this coverage and consolidated them in one convenient place. Membership is always free, and you can start benefiting from discounts immediately upon registration. Just complete the simple online form today to discover how we can help you save money on Medicare Supplement plans, as well as travel, new cars, and other essentials for seniors.