Supplemental Insurance
Not all health care services and supplies are paid for in full by Original Medicare. A Medigap policy (sold by private insurers) can help pay some of the health care costs that Original Medicare does not cover (such as copayments, coinsurance, and deductibles). If you have Original Medicare and you choose to buy a Medigap policy, both plans will pay their share of the Medicare-approved amounts for health care costs that are covered. Medigap policies don’t cover long-term care (like care in a nursing home), vision or dental care, hearing aids, eyeglasses, and private-duty nursing.
In most states, insurance companies can only sell “standardized” Medigap policies. These policies are identified by letters (Medigap Plans A through N). Medigap Plan F offers a high-deductible option. The benefits in any Medigap Plan A through N are the same for any insurance company. However, the cost for a policy may be different depending on the insurance company.
Generally speaking, you must have Part A and Part B in order to buy a Medigap policy. You must pay a monthly premium for your Medigap policy, in addition to your monthly Part B premium. It is important to compare all Medigap policies; costs vary and may go up as you get older. The best time to buy a Medigap Policy is during the 6-month period that begins on the first day of the month in which you are both eligible for Medicare and enrolled in Part B. Your option to buy a Medigap policy may be limited after this initial enrollment period.
Click for details of benefits offered by each plan:
Standardized Medicare Supplement Options
Please note that insurance companies price their plans different ways. Here is a breakdown of how they can set prices:
Community-rated: Also referred to as “no-age rated.” It is priced as the same monthly premium charged to everyone who has the policy, regardless of age. Premiums are not based on age and may go up with inflation or other factors.
Issue-age-rated: The premium is based on the age you are when you buy or are “issued” the policy. Policies may go up due to inflation, but not because of age.
Attained-age rated: The premium is based on your current age (the age you have attained) and goes up as you get older. These policies also may go up due to inflation and other factors and can start at the least expensive, but may become the most expensive as you get older. Most policies sold in Tennessee are attained-age-rated.
ATTENTION Medicare Beneficiaries Under Age 65:
Starting January 1, 2011, Medicare Beneficiaries under the age of 65 now have the right to purchase a Medicare Supplement Policy. On May 27, 2010, Chapter 978 of the Tennessee Public Acts was signed into law. New beneficiaries have the same 6-month open enrollment period as those over age 65 beginning the first month they are eligible for Medicare and are enrolled in Part B.
Click here to see Chapter 978 of the Tennessee Public Acts
Click here to see Medicare Supplement Insurance Rates for TN
Click here to see a list of TN Medicare Supplement Carriers