Typically, at the age of 65 American citizens are given the ability to enroll in Medicare. Basic Medicare is made up of four parts – A,B,C,D – which handle various areas of your medical care. From hospital visits to routine checkups, basic Medicare covers the majority of your expenses. That said there are certain expenses that Medicare, unfortunately, does not cover, which are typically referred to as “gaps” in coverage.
Thankfully, Medicare Supplement Insurance exists to cover those gaps. Medicare Supplement Insurance is a private plan designed to handle every expense that basic Medicare normally wouldn’t be able to. Medicare Supplement Insurance guarantees peace of mind no matter your medical needs.
Medicare Supplement Insurance has requirements to guarantee eligibility for their plans. If you fall under any of the following scenarios, you are qualified to purchase Medicare Supplement Insurance:
Due to the nature of Medicare’s complicated enrollment stipulations, many users believe that signing up for Medicare Supplement Insurance is just as complicated. However, this simply isn’t the case. In fact, you can sign up for Medicare Supplement Insurance (Medigap) at any time. There are some perfect enrollment windows which make signing up even easier. These include:
If you apply for Medicare Supplement Insurance outside of these windows, you may have to proceed through a longer signup process. To learn more about signing up for Medicare Supplement Insurance, contact us today at 866-611-0519.
Do You Need A Supplement Insurance Policy?
Depending on your Medicare plan, your coverage may differ depending on the rules associated with it. Nonetheless, each plan still provides the same essential coverage as the standardized Medicare plan.
In General, Part A Covers:
By not obtaining Medicare drug coverage when you first sign up for your Medicare plan, you’ll likely end up paying a late enrollment fee. There are several Medicare plans which offer prescription drug coverage, each of which varies in both cost and drugs covered.
Two Ways To Qualify For Prescription Drug Coverage
Medigap Plan F is considered one of the most popular plans because it offers the most comprehensive coverage of certain health care costs, including:
Medicare Supplement insurance plans Medicare Supplement insurance, also known as Medigap or MedSup, is also sold through private insurance companies, but it is not comprehensive medical coverage. Instead, Medigap functions as supplemental coverage to Original Medicare. Current Medigap plans don’t include prescription drug coverage.
Medigap plans may cover costs like Medicare coinsurance and copayments, deductibles, and emergency medical care while traveling outside of the United States. There are 10 standardized plan types in 47 states, each given a lettered designation (Plan G, for example). Plans of the same letter offer the same benefits regardless of where you purchase your plan. Massachusetts, Minnesota, and Wisconsin offer their own standardized Medigap plans.
The standardized Medigap plans each cover certain Medicare out-of-pocket costs to at least some degree. Every Medigap plan covers up to one year of Medicare Part A coinsurance and hospital costs after Medicare benefits are used up. But, for example, Medigap Plan G plans don’t cover your Medicare Part B deductible, while Medigap Plan C plans do. So, if you’d like to enroll in a Medicare Supplement insurance plan, you might want to compare the Medigap policies carefully.
While benefits are standardized, the costs are not, meaning they could fluctuate depending on the insurance company offering the plan and location. That is, while Medigap Plan G includes the same coverage no matter where you buy it, the premium for this plan can vary. Also, not every standardized lettered plan is offered in every state.
Is Medicare Part D optional? You’re not required to enroll into a Medicare Part D Prescription Drug Plan. However, if you go without creditable prescription drug coverage for 63 or more days in a row after you’re first eligible , you may have to pay a late-enrollment penalty if you enroll into a Medicare Prescription Drug Plan or Medicare Advantage Prescription Drug plan later.