Medicare Supplements

Medicare supplements - also called “MediGap” - are designed to fill the gaps that MediCare doesn’t cover. This is what separate the Parts from the Plans.

  • The government regulates both, but Medicare Supplement plans are sold by private companies in 14 Plans - A through N. The plans are identical; the variables are the carrier and cost. Plan A is the least expensive and the least comprehensive and the plans grow by both factors until you reach N. There are instant quote engines that will line them up for you and show you a range of costs, but here is an example of how they work together.
  • The government gives money that is used to fund Medicare A&B to an insurance carrier who adds an up-charge (they have to make money too) to create a private Medicare Advantage plan with slightly better coverage than standard Medicare. The government increased payments to carriers in 2004, so these plans have become very attractive.

If you have Medicare, you will almost always be guaranteed coverage for Medicare supplements, but you can be turned down for certain health reasons. This is where it gets interesting. Your broker can help you navigate the Medicare mine field.

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