Medicare Supplement Plans, also called “Medigap” plans are standardized, pre-arranged plans provided by private insurance companies that are specifically designed to fill in the gaps left by regular Medicare coverage. Each plan has an assigned letter of the alphabet representing the different plans available, and provides the same basic medical benefits. The only difference between them is the prices the different companies charge for their services. Even with this difference, they are popular because of their ease of use and low costs to the buyer. In short, Medicare Supplement Plans is easier to understand and use than Medicare itself.
There are three different types of Medicare supplement plans, the most common of which is the Part D coverage. This plan covers the most common benefits contained in Medicare; therefore, if you need all of these policies you may not need to enroll in Medicare as well. There are also other options, such as Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), and Point of Service (POS) plans that all offer different benefits at different prices.
One of the biggest decisions you will make regarding your health insurance is what type of Medicare Supplement Plan you will choose. You want to choose a plan that gives the most comprehensive benefits at the least expensive price. There are many great ways to save money on both the costs of Medicare and your out-of-pocket expenses, which include both deductibles and premiums. The easiest way to save money on your Medicare supplement plans is to enroll in the Part D program, since it allows you to keep your original Medicare coverage while also gaining additional benefits such as vision care, prescription drugs, gym memberships, and hospital stays at a fraction of the cost. If you were unable to keep Medicare coverage due to circumstances beyond your control, or if you have had to become disabled or aged, there are other options to consider as well.