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Medicare Supplement Insurance (Medigap)

Offered by private insurance companies, Medicare supplement plans, also called Medigap plans, work with Original Medicare to pay some of the costs not covered by Original Medicare such as copayments, coinsurance and deductibles.

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Learn more about Medicare Supplement insurance for Minnesotans below.

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MEDICARE SUPPLEMENT INSURANCE/MEDIGAP

Your Original Medicare plan is made up of Part A and Part B. Between these two basic plans, there are gaps in coverage that leave the insured paying for some expenses, including deductibles, co-payments, and co-insurance amounts. Medicare Supplement Insurance plans are offered by private insurance carriers. Also known as Medigap, these Medicare Supplement insurance policies collect a monthly premium from enrollees, and then pay for the beneficiary cost-sharing which is not covered by Original Medicare. Your Medigap benefits are secured year-over-year, although your premiums may change. 

WHAT DO I NEED TO KNOW ABOUT MEDIGAP COVERAGE
IN MINNESOTA?

Before you can enroll in Medicare Supplement Insurance (Medigap), you must be enrolled in Medicare Part A and Part B. Then, as you compare Medigap plans, be aware that Minnesota has some unique rules and regulations when it comes to these policies:

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  • Medigap plans are standardized, meaning that all insurance companies must offer the same basic benefits. The standardization helps you compare plans more easily. 

  • Minnesota offers two types of Medigap plans, known as "Basic" and "Extended Basic." These plans provide different coverage options. The Extended Basic plan covers more benefits compared to the standard plans.

  • Medigap plans in Minnesota must offer certain standardized benefits, such as covering the Part A deductible,  Part A co-pays for hospital stays, and the Part B 20% co-insurance. 

  • Your Medigap premiums may be more if you are a tobacco user.

  • You have a six-month Medigap Open Enrollment Period that starts on the first day of the month in which you're both 65 or older and enrolled in Medicare Part B. During this period, you have guaranteed issue rights, meaning insurance companies cannot deny you coverage or charge higher premiums based on your health status. After your Open Enrollment Period, you may be subject to medical underwriting before you are approved for a Medigap plan.

  • Consumer protection laws apply as related to Medigap coverage, such as the "60-Day Rule." This rule allows you to switch between Medigap plans with the same or fewer benefits within the first 60 days of your Medigap coverage, without medical underwriting.

  • A Medigap policy only covers one person. Spouses must buy separate coverage.

  • Medigap policies do not cover prescription drugs, so you will need to consider enrolling in a Part D Prescription Drug plan.

  • You cannot be enrolled in both a Medigap plan and a Medicare Advantage plan.

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Milestone Medicare offers our services at no cost to help you find the right Medigap policy. Call our office or request a free consultation. We are conveniently located in Buffalo, MN.

 

Not connected with or endorsed by the United States government or the federal Medicare program. 

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