Medicare Wrap Plan Vs. Medicare Supplement Plan
Medicare supplement plans (Medigap) and Medicare wrap plans (retiree coverage through employers) cover deductibles, co-payments and non-covered services associated with Medicare.
Benefits Offered
The federal Medicare agency regulates Medigap and has designated 12 standard plan types labeled A through L. Plan A is the "basic" Medigap, and Plan F is the most popular.
Medicare wrap plans offered through employers generally provide benefits that are at least as robust as Medigap.
Enrolling
Medicare beneficiaries can sign up for a Medigap plan during the open enrollment period at the start of their Medicare eligibility.
Contact your former employer's human resources department or your trade union's membership office to find out if a Medicare wrap plan is available.
Premiums
Costs for retiree Medicare wrap plans vary. Some employers offer free coverage, and most set premiums below that of a Medigap policy with equivalent benefits.
Medigap plan premiums depend on both the plan type and insurer, so it is important to compare plans available in your area.
Part D
Medigap plans do not provide drug coverage to supplement Part D. Medicare wrap plans, however, can provide prescription drug benefits that supplement or replace a Part D plan.
Tips
Medicare wrap plans offered through employers or trade unions may structure premiums so that covering both spouses is less costly than buying two individual Medigap plans.
Tags: Medicare wrap, Medicare wrap plans, wrap plans, Plan Medicare, through employers, benefits that
