Medicare Supplement plans, AKA Medigap plans, are standardized plans supplementing the costs of Original Medicare (Part A & Part B). Each plan differs by the services covered (or not covered).
 
They are represented by letters (Plan A, B, C, D, F, G, K, L, M, and N). Plans F, G, and N are the most popular. Plans F and C are only available to those eligible for Medicare prior to 2020. 

All plans are standardized. Meaning a plan of the same letter type is the same regardless of the insurance carrier offering the plan. They cannot differ. The only difference is what each carrier charges for the premium and how they determine their rates. 

They do NOT cover Prescription Drug (Part D). Individuals with a Medigap policy would need to purchase a standalone Part D plan. Meaning individuals with a Medigap policy will have a Medigap Premium + Part B premium + Part D premium. 

There are 3 ways to enroll into a Medigap plan. 

1) Open Enrollment Period (OEP) = 6-months after your Part B is active. If you had Part B prior to age 65, then you get a second OEP when you turn 65. 
2) Guaranteed Issued Rights = There are several but some more commonly used examples would be if a beneficiary moved out of their service area of their previous plan OR lost Employer Group Coverage. 
3) Underwriting = Passing Medical Underwriting. 
 
A common misconception amongst those in Medicare is they can only switch their Medigap plans between carriers during Medicare's Annual Enrollment Period. This is untrue. Individuals can "shop" Medigap plans at any time. They may just have to go through Medical Underwriting to ensure rates and acceptance into the plan. 

We encourage working with an insurance agency like HEALTHFOCUS PARNTERS to help determine your acceptance, help find the lowest rate across a variety of Medigap insurers, and help understand the difference between Medigap plans options. 

Feel free to check out our resources above to explore our videos and articles on Medigap plans.