Medicare Supplement Plans 2010

What Are Medicare Supplement Plans?

Medicare Supplement Plans, also referred to as 'Medigap', were designed to help pay the costs that Original Medicare does not cover.

Medicare Supplemental Plans are provided by private insurance carriers to cover the gaps in your Medicare Plan. To protect the beneficiaries, supplemental policies are regulated by Federal and State Laws and have to be clearly labeled as 'Medicare Supplement Insurance'. Medicare Supplemental Insurance policies are standardized for each State.

Are You Eligible For A Medicare Supplement Plan?

You can add a Medicare Supplement Plan when you have Medicare Part A and Part B. You can enroll if you are 65 or older and apply within six months of your initial enrollment in Medicare Part B. Under certain circumstances preexisting conditions might be waived. Medicare Supplement policies only cover one person per policy, so you and your spouse must each buy separate policies.

Which Medicare Supplement Plans Are Offered?

Which supplemental plans you can select depends from where you live. In some states, you may be able to select from up to 12 standardized policies: Medigap Plans A through L. Each plan A through L offers a different set of benefits, but the benefits for each plan are the same for every insurance company (The benefits of Plan A of company 1 are the same as the benefits of Plan A of company 2).

However, each insurance company can select which policies they want to sell and set their own prices, so research carefully so you don't overpay!

Important: If you have already a Medicare Prescription Drug Plan (Part D) and add a Medicare Supplement Plan that also covers drugs, you need to tell your Medicare supplement insurance provider to remove the drug coverage from your policy. A lot of times, Medicare Part D coverage is more beneficial than the supplemental plan drug coverage, so you need to compare both carefully.

What do Medigap Plans A through J cover?

Plans A through J have more benefits, higher premiums, and lower out-of-pocket expenses than original Medicare Part A and B. Basic benefits include Medicare Part A and B co-payment or co-insurance, and three pints of blood. Extra benefits may include Skilled Nursing Facility co-insurance, Medicare Part A and B deductibles, Medicare Part B excess charges, foreign travel emergency services, at-home recovery, preventive care, and some may still cover prescription drugs.

What do Medigap Plans K through L cover?

Plans K through L have lower premiums and higher out-of-pocket expenses. Basic benefits include Medicare Part A hospital benefits, Medical Part A and B co-insurance or co-pay, blood, and hospice care. Extra benefits include Skilled Nursing Facility co-insurance and Medicare Part A deductibles.

Attention! Starting June 1, 2010 there will be important changes to Medigap Plans:

Two new Medigap Plans will be offered, Plans M and N. Plans E, H, I, and J will no longer be available to buy.

If you already have, or you buy Plan E, H, I, or J before June 1, 2010, you can keep your plan. Contact your plan for more information.

When you choose a Medicare Supplement plan, carefully compare each plan and compare different insurer quotes. Make sure you have adequate coverage that meets your needs. As the benefits of each plan are the same for every insurance company, make sure to compare the premiums carefully.

What else is important to know about Medicare Supplement Plans in 2010? When can I switch or cancel my plan? Is a Medicare Supplement Plan or a Medicare Advantage Plan better for your individual needs?

For answers to those and other important questions about your Medicare health coverage visit Medicare Made Simple.