Medicare provides a vital service to millions of senior citizens, but it doesn't cover all the costs of medical treatment and any uncovered costs are your personal responsibility. For many seniors, these uncovered expenses could prove to be a tremendous financial hardship.
Medicare Supplement Insurance, also known as Medigap insurance is privately owned health insurance designed to supplement Medicare. It helps pay some of the health care costs, or "gaps", that Medicare doesn't cover - like deductibles, copayments and coinsurance.
There are ten standardized plans, A through D, F, G, and K through N, with benefits mandated by the state and Federal law. While each company must offer the same basic benefits, the rates will differ between companies.
Beginning January 1, 2020, coverage for the Medicare Part B deductible will not be available to people who become eligible for Medicare on or after this date. This means that Plans C, F and the high deductible version of Plan F, are no longer available to those who are new to Medicare.
However, individuals who were eligible for Medicare prior to January 1, 2020, and already have Plans C, F or high deductible Plan F, will be able to keep their plan. Those who were eligible for Medicare before January 1, 2020, but had not yet enrolled, may be able to buy one of these plans.