Medicare Supplement Plans, also known as Medigap Plans, are insurance products sold by private companies. These plans are designed to help pay some of the health care costs that Original Medicare doesn’t cover like: copayments, coinsurance, and deductibles. When adding a Medicare supplement plan to your Original Medicare A & B, your plan will pay its share of the Medicare-approved amount after Medicare pays.
Every Supplement policy must follow federal and state laws designed to protect you, and must be clearly identified as “Medicare Supplement Insurance.” Insurance companies can sell you only a “standardized” policy identified in most states by letters. The word “standardized” means that there is no variation between the same plan that each company offers. As an example: Supplement Plan F that is offered through ABC Company is no different than a Plan F offered through any other company. Take a look at the Medicare Supplement Plans available to you: