Medicare Supplement (Medigap)
Original Medicare leaves gaps — deductibles, copayments, and coinsurance that add up fast. A Medicare Supplement plan covers what Original Medicare doesn’t, giving you more predictable, manageable healthcare costs.
What Is Medicare Supplement?
Medicare Supplement Plans — also called Medigap — offer coverage for the out-of-pocket costs that Original Medicare does not cover, such as deductibles, copayments, and coinsurance.
Here’s how it works: Medicare pays its portion of approved charges first. Then your Medigap plan covers the remaining allowed expenses — reducing or eliminating what you pay out-of-pocket.
To qualify, you must be enrolled in both Medicare Part A and Part B. Note: you cannot have a Medicare Supplement plan if you already have Medicaid or a Medicare Advantage Plan.
There are 10 standardized Medicare Supplement plans (A, B, C, D, F, G, K, L, M, and N), each offering a defined set of benefits. The plans are standardized — meaning Plan G from one carrier provides the same core benefits as Plan G from another. The difference is price and carrier service.
The 10 Medicare Supplement Plans
Each plan letter represents a standardized benefit package. Here’s what the most commonly selected plans cover:
★ Plan G is the most popular plan for new Medicare beneficiaries. Plan F covers the Part B deductible but is only available to those who became eligible before January 1, 2020. *Plan N has small copays for some office and ER visits.
Benefits Common to All Medigap Plans
Regardless of which plan letter you choose, certain core benefits are included in all Medicare Supplement plans.
Part A Coinsurance
Hospital coinsurance and up to 365 additional hospital days after Medicare benefits are exhausted.
Part B Coinsurance
Your share of costs for Medicare-approved outpatient and physician services.
Blood (First 3 Pints)
Coverage for the first three pints of blood each year, which Original Medicare does not cover.
Part A Hospice Coinsurance
Cost-sharing for hospice care services under Medicare Part A.
Review Your Plan Every Year
Medicare Supplement plans can be reviewed and potentially switched during your birthday month and during the Annual Enrollment Period. Rates vary by carrier — and the plan that was the best value last year may not be this year.
Don’t choose blindly and get stuck with a plan for a year. A Bancorp Insurance agent will review your needs, budget, and available options — and may be able to find you the same coverage at a lower premium.
When to Review Your Medigap Plan
- Your birthday month — some states allow guaranteed switching
- Annual Enrollment Period (Oct 15 – Dec 7)
- When your premium increases significantly
- If your health needs or prescriptions change
- When you move to a new county or state
Frequently Asked Questions
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Find the Right Medigap Plan for You
With 10 plan types and multiple carriers offering different rates for the same benefits, comparison is everything. Let a Bancorp agent do the comparison for you — at no cost and no obligation.
NOT AFFILIATED WITH OR ENDORSED BY THE GOVERNMENT OR FEDERAL MEDICARE PROGRAM.
Bancorp Insurance represents 7 companies in Deschutes, Klamath, and Lake County for Medicare Advantage Plans. For additional information about Prescription Drug and Medicare Supplement Plans, please make an appointment with an agent. For a list of all options in your area, you may also visit Medicare.gov, Healthcare.gov or shiphelp.org, or call 1 800 MEDICARE.
(TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov.
Please note that each insurer has sole financial responsibility for its products. Not connected with or endorsed by the U.S Government or the federal Medicare program. This is a solicitation of insurance A licensed insurance agent/producer may contact you.
