Medicare Supplemental Insurance

A Medicare Supplemental Insurance policy, also called a MedSup or Medigap policy, is a health insurance policy sold by private insurance companies to help pay health costs that the Original Medicare Plan doesn’t cover.  With two new plans available in 2006, there are 12 standardized plans that offer the same benefits regardless of which company offers them.  Standardization makes it possible for consumers to compare the plans and determine which best meets their needs.

If you are in the Original Medicare Plan, a Medigap policy may help you lower your out-of-pocket costs (deductibles and co-payments) and provide more health insurance coverage.  If you are enrolled in a Medicare private health plan (Medicare Advantage), you cannot buy a Medigap policy.  If your income is low, you may qualify for government programs that help pay your Medicare costs, so you would not need a Medigap plan.

The price of premiums that different insurance companies charge for exactly the same coverage can vary widely.  When you compare premiums, be sure you are comparing the same Medigap Plan.  Go to the consumer section of www.ohioinsurance.gov/ConsumServ/Ocs/OCSPub.htm for information and worksheets to help you make a decision about your need for a Medigap policy and for tips on how to choose an insurance company.