Medicare Supplemental Plan A and Medicare Part A are completely different. Yet Medicare and Medigap are the same.
Original Medicare Part A is for the hospital portion, but the Medicare Supplement Plan A is a supplemental policy.
While Medicare will pay for most medical expenses it will not pay for all your medical services and the medical supplies which leaves a gap in your insurance coverage which is why supplemental coverage was created.
This plan is sold by private insurance companies to cover some of your out of pocket cost not covered by Medicare which all beneficiaries pay.
While this will not cover your Medicare Part B premiums, this coverage will help assist you with coinsurance, deductibles, and co-payments.
All supplement policies must follow specific federal and state guidelines to help protect Medicare recipients. Carriers may only sell coverage which is standardized and meets the basic standards no matter which private insurance company is offering the coverage.
While federal and state laws do mandate the basic services; some plans will provide some additional benefits allowing Medicare beneficiaries to choose the best plan for meeting their specific needs.
Out of the 10 plans available for 2022; the Medicare supplemental Plan A has the least amount of benefits. Like other plans, Plan A Medicare Supplemental insurance does not offer you drug coverage. You will have to sign up for a separate Medicare Prescription Drug plan which is a stand-alone drug plan.
The stand-alone drug plan must work in conjunction with your Plan A or you can also join a Medicare Advantage plan which is different from a supplemental plan.
Eligibility for a Medicare Supplemental Plan generally requires an individual must have the traditional Medicare coverage. The best time to purchase your policy is during the OEP (Open Enrollment Period). Medigap OEP dates will begin the 1st day of the month you turn 65 or if you are older. You must also be enrolled in Medicare Part B.
This is the period of time which carriers cannot refuse to sell an individual a policy for any preexisting health conditions or charge additional fees for any health conditions a person might have when joining the plan.
Married couples must each have their own individual insurance policies since a single plan will not cover both individuals. Medicare supplemental Plan A availability will depend on which state you live in.
Plan A has the least amount of coverage and is the lowest costing Medicare Supplement insurance requiring a monthly premium payment each month.
Premiums vary depending on which carrier you choose. There are a number of different carriers offering plans in each state so it’s important to compare the different plans to find which will be the best for you specific needs. Use the chart below to compare Medigap Plan A to the other options available.