Do all Medicare supplement plans pay the same?

A general overview of Medicare supplement plan:

Medicare supplement plans are extra health insurance coverage that an individual buys from a federal govt to cover the healthcare costs not paid by original medical insurance plans like deductibles, copayments, etc. However, most of these health insurance plans don’t cover the prescription medicines’ costs. In such a case, a person needs to pay a fixed monthly premium, and then the Medicare supplement plan will pay out-of-pocket costs that are not paid by the original medical insurance plan. 

Medicare supplement plans are completely covered by the federal government. Some of the key features of medicare supplement insurance plans are: 

1. Predictable costs that help an individual to avoid unexpected out-of-pocket expenses that they need to pay if they did not have a medicare supplement plan. A general medical insurance plan does not cover the out-of-pocket costs and these costs are generally paid by the individuals themselves. 
2. Medicare supplement offers no network restriction so, a patient can see any doctor who gives medical consultations to medicare patients.  
3. If a patient has a Medicare supplement they do not need any referral to any specialist of their choice. 
4. Medicare supplement helps a patient to avail themselves of a range of plans that suit their health and budget goals.

Understanding how Medicare supplement plan works with Original Medicare plan:

Medicare supplement plan works by covering the costs that would otherwise be paid by the patient. These plans are also called “Medigap or standardized plans”.Suppose if a person wishes to enroll in Medicare parts: A and B. However these plans do not cover all the deductibles and coinsurances based on the type of their coverage. While medicare supplement plans help an individual to cover all these costs not paid by Other parts of medicare. From Jan 1, 2020, medicare supplement plans do not cover the part B deductible. 

Medicare supplement plans are completely optional and cover all the costs of deductibles, coinsurance, copayments, etc. Persons who choose these Medigap plans need to pay a monthly cost and the benefits may vary from policy to policy. 

Although these plans are added on extra monthly charges, these supplements plans minimize the charges a person spends on out-of-pocket treatments. In case, if a person has more than one policy, then they can choose which insurance provider will be the primary payer and which one is secondary. Afterward, medicare supplement programs will take care of out of pockets costs and other decided costs. Usually, there are 10 types of medicare supplement programs such as A, B, C, D, F, G, K, L, M, N.

Does every insurance company offer medicare supplement plans?

Some private insurance companies offer Medigap plans however not all companies can offer available plans. Although, all companies must make sure that they follow all the regulations of the state and federal government suggested by medicare. 

According to Medicare regulations, Medigap plans need to provide the same level of insurance coverage to eligible people, regardless of which private insurance provider provides. For instance, a person choosing a Plan A from one company will get the same coverage as the other person getting the same plan from another insurance company. It also means that coverage is the same for a different state.