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What is a Medicare Supplement?

January 16, 20233 min read

“Medigap policies are a good option for people who have Original Medicare and want additional coverage for out-of-pocket costs. Speaking to a licensed agent specializing in your specific area’s options is essential. Medigap, Medicare Advantage, and Part D prescription drug plans are all sold by private companies and vary by state.” -- Tyler Rees, CEO of Innovative Financial Group

Medicare supplements, also known as Medigap policies, are insurance plans that help cover some out-of-pocket costs not covered by Original Medicare (Parts A and B). These out-of-pocket costs can include copayments, coinsurance, and deductibles.

Ten standardized Medigap plans are available, each designated by a letter (Plans A, B, C, D, F, G, K, L, M, and N). Each plan offers a different level of coverage, and the premiums and benefits vary by plan and insurance company.

Are you eligible for a Medigap supplemental policy?

Medigap plans are only available to people enrolled in Original Medicare and cannot be used with Medicare Advantage Plans (Part C). Suppose you are enrolled in a Medicare Advantage Plan and want to switch to a Medigap plan. In that case, you must first disenroll from the Medicare Advantage Plan and return to Original Medicare.

To be eligible for a Medigap policy, you must have Medicare Part A and Part B and pay the Part B premium. You can enroll in a Medigap policy during your initial enrollment period (IEP), which is the six-month period that begins on the first day of the month that you are both 65 years old and enrolled in Part B. You can also enroll during the annual open enrollment period from January 1 to March 31 each year or during a special enrollment period (SEP) if you have a qualifying life event (such as moving to a new area or losing other coverage).

Who offers Medigap supplemental policies?

Private insurance companies sell Medigap policies, and the premiums can vary depending on the plan and the insurance company. Therefore, it is essential to compare the premiums and benefits of different Medigap plans and insurance companies to find the one that best meets your needs and budget.

Medigap policies do not cover long-term care, vision or dental care, hearing aids, or private-duty nursing. They also do not cover prescription drugs, which are covered under Medicare Part D.

Who can help me choose?

Medicare supplements can be a good option for people who have Original Medicare and want additional coverage for out-of-pocket costs. They can help protect against unexpected medical expenses and provide peace of mind. However, it is important to carefully consider your needs and budget when choosing a Medigap policy. 

For more information, please reach out to Innovative Financial Group, and we will have one of our licensed Medicare experts contact you with more details. Our well-trained, experienced agents are ready to answer questions about your Medicare or health insurance and put together a comprehensive plan to fit your needs. 

Innovative Financial Group (IFG) is the ultimate insurance brokerage delivering customized solutions through a large platform of diverse insurance products and services. We support agents, brokers, and now carriers with an end-to-end solution for Medicare Supplemental, Life Insurance, and Retirement Planning. IFG was ranked #78 in 2022 by Inc. 5000 as one of the fastest-growing companies in America and #1 in the insurance industry.

Knowledgeable and accomplished, our professionals and staff support close to 10,000 independent agents, representing 50 + A-rated carriers who serve the needs of millions of clients annually.

We offer three ways to get the answers you need to make informed decisions:

Visit https://medicareplanningusa.com/ and click on the Medicare Made Easy tab to learn more about enrollment and individual plans.

Give us a call at 1-888-249-4153 for immediate assistance.

Submit an online request to schedule a call with a licensed agent in your area.


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Tyler Rees

Tyler Rees is the Chief Executive Officer at Innovative Financial Group (IFG), one of the fastest-growing insurance platforms in the country. Tyler is the driving force behind IFG's successful business model, delivering end-to-end solutions to agents, clients, and carriers. Under his leadership, IFG has experienced unprecedented growth in the Medicare space with over 3,500 licensed Medicare agents, providing solutions to clients in all 50 states.

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A non-government entity powered by Innovative Financial Partners, LLC, a health insurance agency. We do not offer every plan available in your area. Currently we represent 6 carrier organizations which offer 2,352 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

© 2024 Innovative Financial Group | All Rights Reserved | Terms & Privacy

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Home Office:

3147 S 17th Street, Suite 300

Wilmington, NC 28412

Local: 910-834-6410

Toll Free: 888-200-1777 | TTY 711

Office Hours: Monday - Friday

9 am to 5 pm, ET

Visit our Facebook Community:

Innovative & Friends

A non-government entity powered by Innovative Financial Partners, LLC, a health insurance agency. We do not offer every plan available in your area. Currently we represent 6 carrier organizations which offer 2,352 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.

© 2024 Innovative Financial Group | All Rights Reserved | Terms & Privacy