What is a Medicare Supplement and Which One is Best for You?

What is a Medicare Supplement and Which One is Best for You

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If you aren't familiar with the term, "Medicare supplement" you may be wondering what it is, and perhaps more to the point, how does it affect your financial picture?

A Medicare supplement is a type of private health insurance that compliments Medicare coverage. Often referred to as Medigap health insurance, it supplements coverage provided by Medicare, filling in the gaps in Medicare coverage.

All Medigap plans are governed by Medicare and they all have standardized benefit packages labeled by letters, ranging from Plans "A" through "N". Plan A offers the least amount of benefits and is usually the least expensive, while plans that offer more benefits, like Plan F are more expensive.

Availability varies by state; not every state has a Medicare supplemental program and a few states, notably Massachusetts, Minnesota and Wisconsin have their own plans. You can check with your State Health Insurance Assistance Program (SHIP) to learn which plans are available in your area.

When is the best time to get a Medicare supplement? The best time to apply for a Medicare supplemental (Medigap) plan is within six months of enrolling in Medicare Part B. This is the only time insurers must accept you regardless of any pre-existing conditions. Your eligibility for enrollment in Part B begins the day you turn 65.

For more information about Medicare prescription drug coverage and Medigap plans, you may obtain a copy of Medigap Advisors' 32 page booklet, "How to Get the Most from Your Medicare ...Stretching Your Dollars with Medigap", now available at www.MyMedigapReport.com.

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