Are you thinking of signing up for Medicare? Or perhaps you already have but don’t fully understand how it works. If so, we have answers that could help you.

If you’re wondering, what are Medicare supplements? It refers to a plan sold by private companies as an addition to Original Medicare. But unlike other insurance plans, it aims to help you cover out-of-pocket costs.

It’s a bit confusing, so some people might get into it without knowing how it actually works. If it’s the same for you, here are five things you should know about Medicare supplements.

1. What are Medicare Supplements?

Medicare supplement insurance is a plan that covers for the gaps in the standard Medicare insurance coverage. That means you can only apply for it when you already have Medicare Part A or B.

One thing to note is that they only supplement the primary coverage but don’t completely replace it. So, if you want to get the benefits of Medicare, you still have to apply for it separately.

2. The Benefits

There are a few advantages to getting Medicare supplement insurance. It includes being able to pay off extra costs and getting additional coverage.

Medicare supplements will help you pay off other medical costs not covered by your initial Medicare plan. It includes deductibles, coinsurance, copayments, and other out-of-pocket expenses.

If you’re over 65 years old and register during the enrollment period, insurance companies won’t be able to exclude you because of your health. At the same time, you can get about 80% of your healthcare services covered when you travel outside of the country.

There are also several Medigap plans to choose from, so you will likely find one that suits your healthcare needs. You may even be able to customize based on what’s ideal for you. Check out to learn more about it.

3. How to Qualify

To get the perks of Medicare supplements, you must have a Medicare plan of Part A or B. If you have the Medicare Part C Advantage Plan, you cannot purchase the Medigap health insurance.

Another way to qualify is if you turn 65 years old and have Medicare Part B. You can join the open enrollment period of 6 months.

4. Medicare Supplement Coverage

Medicare supplement insurance can vary in coverage. One thing for sure is that every Medigap plan can cover costs from Part A. It can also cover some costs from Part B.

If you become eligible for Medigap after 2020, you will no longer be able to purchase a plan covering Part B premium. Those are usually Medigap plans C and F.

But if you already had them before that time, you can still keep them! Also, if you became eligible for Medigap before 2020, you can still purchase Plan C and F.

5. How Much Does It Cost?

The cost of a Medicare supplement insurance plan is usually based on the benefits it will offer you. Sometimes, it also varies on the insurance company.

The average cost is usually around $100 or more per month, but the rates tend to vary from $50 to $400 monthly.

Finding the Right Medicare Supplement Plan for You

Medicare supplements are useful to anyone enrolled in original Medicare who would like additional protection from unexpected costs. Knowing more on what are Medicare supplements, its offers, its cost, potential restrictions, and differences from a Medicare Advantage plan can help determine if it is the right fit for you. Utilize your insurance broker to help you choose the best Medicare supplement for your individual needs.

Check out the rest of our blog if you want to learn more.