A Medicare Supplement plan, also called Medigap insurance, may help you pay for the “gap” between what Original Medicare pays and what you pay out of your own pocket. You can apply for Medicare Supplement plans through private insurance companies.
Because Medicare Supplement plans are regulated by state and federal laws, the basic benefits offered by plans of the same letter type are generally the same regardless of insurer.
In some states, you may be able to buy another type of Medigap policy called Medicare SELECT, which may require you to use a specific network of doctors and hospitals.
Are you a low to moderate user of your Medical insurance? If so, why pay a high premium every month when you could only pay for the services that you are utilizing.
Your Medicare Supplement Open Enrollment Period (OEP) begins the first day of the month in which you are at least 65 and covered under Medicare Part B. You have six months to buy a Medicare Supplement insurance plan when the company is required to sell it to you. If you wait until after your OEP, you can apply anytime you want, but a plan could reject you or charge you more if you have health problems.
There may be other times after your OEP when you have “guaranteed-issue rights” to a Medicare Supplement plan.
For example, say you sign up for a Medicare Advantage plan. (Medicare Supplement plans don’t work with Medicare Advantage plans.)