Medicare is the federal program that pays most of your health care costs when you’re 65 or older. It pays for hospital, doctor, and outpatient services. It also pays for some prescription drug coverage if you enroll in Part D. But Medicare doesn’t cover everything, including copayments, deductibles, and coinsurance. Medicare supplement insurance, which is sometimes called Medigap, can help pay these out-of-pocket costs. Medicare supplement policies are sold by private insurance companies. They’re guaranteed renewable, meaning a company can’t cancel your policy unless you made intentional false statements on your application or didn’t pay your premiums. Visit now to explore your options for Medicare supplement insurance and find the plan that best fits your needs.
Insurance companies can offer the same plans, but they may differ in price and customer service. Forbes Health’s editorial team ranked the best Medicare supplement providers based on the number of states they serve, their plan options and how well they rank in terms of financial strength with ratings agencies like A.M. Best. We’ve included their plans and prices in our Medicare Supplement Guide and in our Medicare Supplement Calculator.
It’s important to know how your state’s laws affect Medicare supplement insurance. For example, in Texas, you can file a complaint with the Texas Department of Insurance (TDI) if your insurance company denies or delays paying a Medicare-approved claim or charge. You should always make sure your insurance company is in compliance with TDI’s rules, which require them to notify you promptly of any denial or delay.
Choosing the right medicare supplement plan depends on your personal health needs and budget. Some people choose a plan that covers all the gaps and leaves them with no out-of-pocket expenses, while others prefer a plan such as Plans F or G that require them to pay some of their own deductibles and copays in exchange for lower premiums. An insurance agent specializing in Medicare supplements can help you decide which plan fits your unique situation.
If you’re under age 65 and recently lost group health insurance, or if you’re moving to another state, you can purchase a Medicare supplement plan during your one-time open enrollment period, which begins on the first day of the month you’re both age 65 or older and enrolled in Medicare Part B. During this six-month window, insurance companies are required to sell you any Medicare supplement plan they offer in your state without asking about your health history.
It’s important to note that Medicare supplement plans don’t include prescription drug coverage. If you want prescription drug coverage, consider joining a Medicare Advantage plan instead. This type of all-in-one health care plan combines the benefits of Original Medicare with prescription drug coverage and typically has low monthly premiums.
