Medicare Supplement Insurance (Medigap) is an optional insurance policy that can help pay for out-of-pocket costs in Original Medicare, such as deductibles, coinsurance, and copays. Medigap policies are sold by private insurance companies and there are 10 different types of Medigap plans to choose from.
Medicare Part D Prescription Drug Plans are offered by private insurance companies and provide coverage for prescription drugs. Part D plans are voluntary, but if you have Medicare and don't have prescription drug coverage, you may have to pay a penalty when you join a Part D plan later.
When choosing a Medicare health plan, it is important to consider your individual needs and budget. Some factors to consider include:
- What type of coverage do you need? Do you want all of the benefits of Original Medicare, plus additional benefits such as prescription drug coverage? Or are you happy with the basic coverage provided by Original Medicare?
- What is your budget? Medicare Advantage Plans and Medigap policies can vary in price, so it is important to compare plans before you choose one.
- Do you have a preferred doctor or hospital? Original Medicare allows you to see any doctor or hospital that accepts Medicare. Medicare Advantage Plans and Medigap policies may have networks of providers that you must use.
Medicare Supplements
Medicare Supplement Insurance (Medigap) can be a good option for people who want to help pay for out-of-pocket costs in Original Medicare. Medigap policies can be especially helpful for people who have chronic health conditions or who expect to have high medical expenses.
There are 10 different types of Medigap plans to choose from. Each plan covers a different set of benefits. The most comprehensive plans cover all or most of the out-of-pocket costs in Original Medicare. The less comprehensive plans cover fewer out-of-pocket costs, but they are also less expensive.
How to Enroll in a Medicare Health Plan
You can enroll in a Medicare health plan during the Medicare Annual Enrollment Period, which runs from October 15 to December 7 each year. You can also enroll in a Medicare Advantage Plan during the Medicare Advantage Open Enrollment Period, which runs from January 1 to March 31 each year.
If you have questions about Medicare health plans or need help choosing a plan, you can contact Medicare by calling 1-800-MEDICARE (1-800-633-4227).
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