Supplemental Insurance Plans

Medigap is a name for a Aetna medicare supplement plans that will help pay for the costs Medicare Part A and Medicare Part B do not cover. These may include co-payments, co-insurance and also deductibles. This can mean an individual’s medical expenses will be covered 100%. If one was to choose a Medicare Advantage Plan, then the expenses will be utilized by that plan.

When reaching retirement age, there are several things a retiree needs to consider. A Medicare supplemental plan has many variations to explore before they make any decisions on their purchases. Medigap plans lettered Plan L and Plan K will contain 75% and half of the Hospice Section A could benefit a retiree for their future medical needs. Medigap supplemental plans K, L, and N have the stipulation of seniors paying a portion of co-payment and co-insurance which may bring down the cost of their premiums.

Some changes in the plans have brought about new plans, such as, Plan M and Plan N. Plans E, H, and J are no longer issued. Those who already have these plans have the choice of still having them or choosing from the other plans available.  Another change is with Plans D and C which cover different benefits as from June 1, 2010 and those individuals who have these plans may keep them without any changes.

Another consideration to remember is that all the Medigap plans are under the restrictions and rules of the Federal and State governments and are available to all seniors. An insurance company will be issuing these Medigap plans that have the letters A-L. All of them offer the same medical coverage and are no different from one insurance company to another. The difference will be the cost of the premiums. Some states have a time of the year where a senior may join these Medigap supplemental insurance plans. One must remember that an insurance company cannot refuse to suggest they cannot get these plans or make them pay more for their premiums, because they have any preexisting medical conditions. This will depend on when a senior decides to get their Medigap policy. If they join Medicare Part A and Medicare Part B at the age of 65, their medical conditions will be covered. If they wait beyond this age, those conditions may not be allowed and they will have to pay more for their premiums. Also joining Medicare beyond the age of 65 will increase all premiums as each year goes beyond that time.

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