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Some people who are over 65 and qualify for a Medicare Supplement (Medigap) insurance plan may be retired and on limited or low incomes. If this is true for you, you may need to carefully consider how much you are spending on health-care costs and ways that you can save in the long term. A monthly premium is required for a Medicare Supplement insurance plan and since these plans are offered by private health insurance companies, there are no specific discounts or subsidies for low-income applicants. However, a Medicare Supplement insurance plan might help someone with a low income pay for health care by covering some of Original Medicare’s copayments, coinsurance and deductibles.
A good way to decide if a Medicare Supplement insurance plan may be a smart choice for you financially could be to understand what services a specific Medicare Supplement insurance plan may cover. If you think there is a good chance you will face many Medicare out-of-pocket costs that a particular Medicare Supplement insurance plan may cover, then the plan could be worth the monthly premium to you. There are up to 10 Medicare Supplement insurance plans available in most states, labeled A, B, C, D, F, G, K, L, M and N. (E, H, I, and J are not available.)
Medicare Supplement insurance plan cover as few as four and up to nine of the following nine benefits:
Now let’s look at what these benefits would cost you without a Medicare Supplement insurance plan.
Please note that the coverage listed below refers to the standardized Medicare Supplement insurance plans available in most states. Massachusetts, Wisconsin, and Minnesota have their own standardized plans that might have different coverage than this section describes.
All Medicare Supplement insurance plans cover Medicare Part A coinsurance at 100% for 365 additional days after your Medicare benefits are used up.
Consider which benefits you may need and which Medicare Supplement insurance plan has those benefits. Then consider the health-care costs you would have to pay out-of-pocket compared to the costs of a Medicare Supplement plan monthly premium and you will be able to decide if a Medicare Supplement insurance plan is right for you, even if you have a low income.
The product and service descriptions, if any, provided on these eHealth Insurance Web pages are not intended to constitute offers to sell or solicitations in connection with any product or service. All products are not available in all areas and are subject to applicable laws, rules, and regulations.
This website and its contents are for informational purposes only. Nothing on the website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.
eHealth's Medicare website is operated by eHealthInsurance Services, Inc., a licensed health insurance agency doing business as eHealth. The purpose of this site is the solicitation of insurance. Contact may be made by an insurance agent/producer or insurance company. eHealth and Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. We offer plans from a number of insurance companies.