People with Original Medicare can purchase Medicare supplement plans ("Medigap" plans) to help cover costs that are not fully covered by Medicare. These Medigap plans are offered by private insurance companies and they have two unique characteristics:
- They are standardized by the government to provide exactly the same coverage among plans with the same plan letter.
- The insurance company is a secondary payer, meaning they can not deny you coverage if the Medicare program approves the claim.
Imagine you have a Medigap plan. You are choosing between two plans with identical coverage. One plan is issued by
Generic Insurance Company XYZ. One plan is issued by [UnitedHealthcare/Health Care Service Corporation/Aetna/Mutual Of Omaha/Cigna/Globe Life/Blue Cross Blue Shield/USAA/Wellmark/CNO Financial Group/Humana/Medical Mutual Of Ohio/Transamerica Life/State Farm/Anthem/Physicians Life/Physicians Mutual/Elevance Health/Highmark/Medico/Manhattan Life/Tennessee Rural Health Insurance Company/Philadelphia American Life/Premera Blue Cross/Ace Property and Casualty Company (Chubb)/^mc_20_other], which offers the exact same plan at the lowest price available to you. How much
extra money would you be willing to pay
every year to have a Medigap plan that is issued by
Generic Insurance Company XYZ instead of [UnitedHealthcare/Health Care Service Corporation/Aetna/Mutual Of Omaha/Cigna/Globe Life/Blue Cross Blue Shield/USAA/Wellmark/CNO Financial Group/Humana/Medical Mutual Of Ohio/Transamerica Life/State Farm/Anthem/Physicians Life/Physicians Mutual/Elevance Health/Highmark/Medico/Manhattan Life/Tennessee Rural Health Insurance Company/Philadelphia American Life/Premera Blue Cross/Ace Property and Casualty Company (Chubb)/^mc_20_other]?
Note: You can read more about how all the Medigap insurance plans with the same letter are exactly the same on medicare.gov: https://www.medicare.gov/health-drug-plans/medigap/basics. NOTE: If you click on this link, a new window will open. Be sure to come back to this window to finish the survey!