Medicare supplement plans help bridge the gap between what Original Medicare covers and the total cost of medical services. They cover all of a portion of Medicare deductibles and coinsurances, and plans are accepted nationwide. As long as you pay your premium, a Medicare supplement policy is guaranteed renewable. It covers one person. If you and your spouse both want Medicare supplement coverage, each of you will need to buy separate policies.
There are additional costs beyond any required Medicare Part A and Part B premiums you may have with Original Medicare:
- A deductible, which is a set amount you pay every year before Medicare coverage begins
- The entire cost of services not covered by Medicare
- Coinsurance, which is a portion of the cost of Medicare-approved services (usually 20 percent)
- Part D drug plan premium, if you choose to add drug benefits
- Medicare supplement plan premium, if you elect to buy supplement insurance
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