A Medicare Supplement (a.k.a Medigap) plan is an insurance policy that assists, or supplements the benefits in Original Medicare Part’s A and B. It doesn’t have anything to do with Medicare Advantage or your Part D prescription coverage — it only works with Original Medicare Part’s A and B.
It’s important to understand that Medigap plans are not subject to the annual “lock in” period meaning you can change your plan any time you want– not just during the Open Enrollment Period. The caveat is that again, you must qualify based on your health if you want to switch after the first 6 months you’re enrolled in Part B.
Like Advantage plans and Part D drug plans, Medigap plans are offered by private insurance companies. One big difference between Advantage plans and Part D drug plans, is that Medigap plans are “standardized”. That means that regardless of the insurance company, the plan benefits are identical across the board.
Every Medigap policy must follow federal and state laws designed to protect you, and it must be clearly identified as “Medicare Supplement Insurance.” Insurance companies can sell you only a “standardized” policy identified in most states by letters.
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