Medigap
Or
Medicare Supplement Insurance

Medigap or Medicare Supplement Insurance Policies are health insurance plans designed to fill the “Gaps” in coverage with Original Medicare, Parts A & B. These policies are sold by private insurance carriers and work with Original Medicare to provide a beneficiary with full hospital and medical coverage. The “Gaps” that these policies cover are some of the health costs; copayments, co-insurances and deductibles, associated with Medicare covered services that are not fully covered by Original Medicare.  Also, some policies may provide coverage for services not covered by original Medicare, like emergency medical care in a foreign country while traveling.

The private insurance companies can only sell you “Standardized” Medigap policies regulated by Federal and State laws. These “Standardized” Plans are indentified by a Plan letter, A through N. The benefits offered under each Plan letter are the same for each insurance company offering that Plan Letter, but vary in cost (premium). So, a Plan A offered by one insurance company is the same as a Plan A offered by another, but each will have a different premium.  Also, the benefits offered under each Plan letter vary from letter to letter so, a Plan A is not the same as a Plan B or a Plan C and so on. 

*****IMPORTANT NOTE*****

As of June 1, 2010 changes to the types of Medigap plans available to Medicare beneficiaries will take effect. These changes include the addition of two new Plans, M & N, and the elimination of Plans E, H, I and J from new sales. Beneficiaries currently enrolled with Plans E, H, I and J will be able to continue or “Grandfather” their policies as long as they stay active with it. 

For more information regarding Medigap Plans, the changes effective June 1, 2010 and/or to find out which Plan best suits please contact Beacon Retiree Benefits Group 888.484.0414.