Medicare Supplements, also known as Medigap, is part of Original Medicare and sold by private companies. While Original Medicare may not cover all medical costs, Medicare Supplement plans can help pay remaining costs such as copayments, coinsurance, or deductibles. The ten standardized plans you can choose from are Plan A, B, C, D, F, G, K, L, M, and N.
Original Medicare only pays about 80% of doctor and outpatient visits and will sometimes result in significant hospital deductibles. With a Medicare Supplement plan, these costs can be mostly covered depending on which plan you choose, leaving you with a smaller out-of-pocket expense. There are also no networks involved with Medicare Supplement plans, meaning that you can visit any doctor or hospital within the United States that will accept Medicare.
Medicare Supplement plans will generally cost less compared to other private insurance companies. This is because the supplement plans will set a limit on out-of-pocket costs, and depending on which plan you choose, some premium payments will be less expensive.
You can choose from any Medicare Supplement plan during your initial Open Enrollment Period and will not be turned down. However, after six months of being with Medicare, you will have the option to change plans, but the request will go through a medical underwriting process.