There are ten Medicare Supplement plans available (identified by letters A, B, C, D, F, G, K, L, M, and N), but some plans are no longer available to new enrollees. Medigap plans are standardized, so all of the same letters offer the same basic coverage irrespective of the insurance company you opt with. However, they offer different premiums or costs.
Insurance companies can’t sell you a Medigap insurance plan if you already have coverage through MA or Medicaid. Medigap plans also cover only one person.
All Medicare Supplement plans offer essential benefits
For example, all of these plans are guaranteed renewable, so you will always have your policy as long as you keep paying your premiums. You can also go to any hospital or doctor who accepts Original Medicare.
Even though Medicare Supplement plans are standardized, insurance companies’ premiums can vary significantly for the same plan. These companies can use several different methods to set prices for their premiums. Usually, what you pay depends on where you live, your gender, age, your health, etc.
All Medicare Supplement plans will increase the older you get, but some plans increase more than the others.
When you work with us at Wise Up Financial, we can help you identify insurance companies that will offer you the coverage you need at the right price.