Medicare Supplement Plans – What You Need to Know

Medicare Supplement Plans help cover healthcare costs that Original Medicare (Parts A and B) doesn’t pay. Often, they help with things like copayments, coinsurance and deductibles. They aren’t bundled with Medicare Advantage plans and they go wherever you do, as long as your doctor or hospital accepts Medicare.

There are 10 standardized Medicare Supplement insurance plans identified by letters A through N, plus Plan F with a high deductible. Generally, the benefits are the same from company to company, but prices may differ.

Understanding Medicare Supplement Plans: Your Comprehensive Guide

The best time to buy is during your one-time Medicare Supplement open enrollment period, which begins the first month you enroll in Part B at age 65 or older. During this six-month period, insurance companies must sell you any Medicare Supplement policy they offer without asking about your health history. If you buy outside of your open enrollment period, insurance companies can use medical underwriting to determine whether to approve or deny your application for a Medicare Supplement policy.

People under age 65 who lose certain types of coverage—such as a job-related retirement package or group health insurance—have a guaranteed issue right to buy a Medicare Supplement policy. However, this guarantee only applies to Plans A, B, F, and N—and only if you purchase it within 63 days of the end of your previous coverage. You must also provide the company with proof of your loss—for example, a letter from your former employer or insurer. These policies may have preexisting condition waiting periods or exclusions.