What are Medicare Supplement plans?

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To answer this question, let’s start with the basics.

What is Medicare?

Medicare is a health insurance program administered by the federal government. Medicare is offered to those 65 years of age and older and people with permanent disabilities or End-Stage Renal Disease. The Medicare program has over 62 million beneficiaries across the nation. At age 65, many Americans choose to retire as they finally become eligible for Social Security and Medicare benefits, giving them the freedom to leave their employer-sponsored health plan.

Medicare, sometimes called “Original” or “Traditional” Medicare, offers insurance in 2 parts: Part A (hospital insurance) and Part B (outpatient insurance). This covers about 80% of anticipated health care costs.

What is Medicare Supplement Insurance?

Medicare Supplement Insurance (or Medigap) is an extra policy that works alongside Medicare to provide more complete coverage. Since Medicare only covers about 80% of anticipated health care costs, Medicare Supplement helps with the other 20% that would normally come out of your pocket.

How many Medicare Supplement plans are there?

Luckily, there are only 10 plan types to choose from. But there are countless carriers that offer each of those plan types.  

The 10 plan types are: A, B, C, D, F, G, K, L, M, and N. They each offer varying levels of coverage, which you can view in our helpful chart here.

Medicare Supplement is federally regulated, just like Medicare. Plans within the same “letter type” offer the same coverage. However, carriers can charge different amounts based on factors like their service model or your location. That makes Medicare Supplement plans uniquely easy to compare!

For example:

Plan A from Carrier 1 = $110 per month

Plan A from Carrier 2 = $140 per month

Because they are both the same plan type (Plan A), they offer the same coverage. However, Carrier 2 is charging an extra $30 per month! That’s an extra $360 per year for the same coverage!

When should you shop for Medicare Supplement?

The good news is that Medicare Supplement plans are not tied to specific enrollment periods like Medicare and Medicare Advantage plans are. You can enroll in or change your Medicare Supplement Insurance anytime.

The best way to ensure you’re getting the best deal is to compare your options regularly. That’s where United Medicare Advisors can help. We can compare your current plan against other Medicare Supplement plans instantly. We'll even walk you through your options over the phone.

Medicare Supplement Insurance Shopping

United Medicare Advisors saves you countless hours of researching and comparing on your own. Why visit 20 different websites and fill out 20 different forms when you can just do it once?

By working with multiple insurance carriers, we help you find the best deal for the coverage you need in ONE phone call. Our Licensed Insurance Agents work with you to make personalized recommendations based on your age, health needs, location, and other factors. Then, they help you compare your options from different carriers and estimate your costs. After that, you decide what policy you want!

To get started, visit our Comparison Shopping tool or call us at 1 (855) 655-9200.

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