Medicare Supplement

A Medicare Supplement plan, also known as Medigap, is a type of insurance policy sold by private insurance companies to fill the "gaps" in Original Medicare coverage, including copayments, coinsurance, and deductibles. These plans help to manage out-of-pocket costs that are not covered by Medicare Parts A and B, offering additional financial security to beneficiaries.

A High Deductible Medicare Plan is a type of Medicare Supplement (Medigap) insurance that has a higher annual deductible, but lower premiums compared to other Medigap plans. Beneficiaries of these plans are responsible for all Medicare-covered costs up to a certain deductible amount before the plan begins to pay, which can make them a cost-effective choice for those who don't anticipate needing frequent medical services.

Medigap policies are standardized insurance plans that help cover out-of-pocket costs and additional services not covered by Original Medicare. It is important to understand the enrollment period, coverage limitations, and the fact that Medigap policies cannot be combined with Medicare Advantage or provide prescription drug coverage.

The Medigap Open Enrollment Period is a six-month window starting the month you're 65 or older and enrolled in Medicare Part B, during which you have a guaranteed right to buy any Medigap policy sold in your state, regardless of your health status. After this period, your ability to buy a Medigap policy may be limited and it could be more expensive.

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