Medicare Open Enrollment Is Here
Medicare's annual Open Enrollment period runs from October 15 through December 7. During this time, people with Medicare can review their coverage and make changes to their Medicare health or prescription drug plans for the coming year.
Whether you're considering a different plan or reviewing your current coverage, it's a good time to explore your options and compare costs. One type of insurance you'll encounter while researching Medicare coverage is Medicare Supplement Insurance, also known as Medigap.
What Is Medigap?
Original Medicare (Part A - Hospital Insurance and Part B - Medical Insurance) covers many healthcare services, but it doesn't pay for everything. You may still be responsible for out-of-pocket expenses such as deductibles, copayments, and coinsurance (because of course).
Medigap is supplemental insurance sold by private insurance companies that helps pay some of these remaining costs. It works alongside Original Medicare, not replacing it.
The 10 Medigap policies are standardized and identified by letters A-D, F, G, and K-N. Each lettered plan offers a specific set of benefits, and policies with the same letter provide the same basic coverage regardless of which insurance company sells them. So the biggest difference between these plans is the premium price. This makes comparing prices an important part of shopping for Medigap coverage.
| To learn more about Medicare Supplement Insurance (Medigap), go to Medicare.gov and review their Health & Drug Plan resources. |
Keep in mind that Medigap has its own enrollment period, separate from Medicare's annual Open Enrollment. Your six-month Medigap Open Enrollment period begins generally begins when you're 65 or older and enrolled in Medicare Part B. Outside this period, your options may be more limited, and coverage may cost more.
Compare Medigap Plans On Weiss
With so many plans and insurance companies to choose from, finding the right Medigap coverage can feel exhausting on top of what you have to do to get enrolled in Medicare. Our database, Weiss Financial Ratings, offers a tool to help you explore your options and compare costs.
Their Customized Medicare Supplement Insurance Planner creates a personalized guide to Medigap coverage based on your age, gender, and ZIP code. The planner walks you through the process of choosing a Medigap plan, including:
- Learning what Original Medicare covers, what you may pay out of pocket, and how Medigap insurance can help cover those costs.
- Compare the benefits of different Medigap plans to understand what each one covers.
- Review estimated monthly and annual premiums from different insurance companies based on your information.
- Compare insurance companies using Weiss's financial safety ratings and find authorized agents in your area.
How to Get Started
To create your personalized report, open Weiss Financial Ratings found on our online resources page and select Medigap on the top navigational bar.
Enter your name (or initials), age, gender, and ZIP code to generate your customized Buyer's Guide and Cost Calculator. The report includes detailed information about coverage options, insurance companies, and estimated premiums based on your information.
Your report is available to download immediately. You can also choose to receive a copy by email.
Weiss's Medicare Supplement Insurance Planner can be a helpful companion to the Medigap comparison tools available on Medicare.gov. Using both resources can give you a clearer picture of your coverage options, help you compare costs and insurance companies, and make a more informed decision about your Medicare coverage.
| To learn more about how to buy a Medigap policy, visit Medicare.gov. Remember, the best time to purchase a policy is generally during your six-month Medigap Open Enrollment Period, when you have more options and protections. Be sure to plan ahead! |
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