Medicare Supplements

Medicare Supplements are also known as Medigap policies. They are private health insurance plans that help pay for some of the costs that Original Medicare doesn't cover, such as copayments, coinsurance, and deductibles. To be eligible for Medigap, you must be enrolled in Medicare Part A and Part B.

The best time to buy a Medigap policy is your 6-month Medigap Open Enrollment Period, which starts when you’re 65 and enrolled in Part B. After that, you may pay more or be turned down because of your health. Depending on your state, you may also be able to buy a Medigap policy if you’re under 65 and have Medicare due to a disability or ESRD. As an example, in the state of Florida, insurance companies must offer it.

Medigap policies are not free, but they can help pay out-of-pocket costs that Original Medicare doesn't cover. The cost of a Medigap policy will vary depending on the plan you choose, your age, and (outside open enrollment) your health.

After the Part B deductible, Medicare usually covers 80% of approved Part B costs, and the other 20% can be devastating to you financially if a serious illness arises. Medicare Supplement plans can pay some or all of the remaining 20%. This provides peace of mind by reducing or eliminating the 20% you would owe with Original Medicare only.