Medicare Supplement Insurance

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What is Medicare Supplement Insurance?

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.

Who is Eligible for Medicare Supplement Insurance?

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:

Please be aware that even if you qualify for Medicare Supplement Insurance, you may be required to answer some questions regarding your medical history. To learn more, or if you have any questions regarding Medical Supplement Insurance eligibility, please contact us at (866) 611-0519.

When Can I Sign Up for 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:

  1. The Initial Enrollment Period
    1. During the first six months of your Medicare Part B coverage, you’re guaranteed Medigap acceptance regardless of your current medical standing.
  2. “Guaranteed Issue” Period
    1. If you’re in danger of losing medical coverage through your employer, Medigap offers a “guaranteed issue” period lasting 63 days where you’re able to purchase the Medicare Supplement Policy of your choice.

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?

No matter what your financial situation may be, everyone can certainly benefit from having a Medicare Supplement Insurance policy. With Medicare, you get standardized coverage no matter your income. With Medigap insurance, you’re guaranteed to be 100% protected no matter the medical emergency. With Medigap coverage, you’re able to live your life without worry of being burdened by endless medical bills.

What Does Part A Cover?

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:

Discover If Medicare Covers What You Need

Please speak to your doctor or health care provider to learn more about certain services and supplies, and if Medicare will cover them. Typically the standard Medicare plan will cover whatever you need, however there may be certain items/procedures that are currently not covered.

Medicare Coverage Is Based On Three Main Factors

  1. Federal and state laws
  2. National coverage decisions made by Medicare about whether something is covered
  3. Local coverage decisions made by companies in each state that process claims for Medicare. These companies decide whether something is medically necessary and should be covered in their area

What Does Part B Cover?

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.

Part B Covers Two Types Of Services

You pay nothing for most preventive services if you receive these services from a health care provider who accepts assignment.  

Part B Covers:

Prescription Drug Coverage Under Part C & D

With Medicare, you receive prescription drug coverage as an optional benefit under parts C and D, respectively. By knowing exactly what type of prescription drugs you need on a daily basis, you’re able to get the exact plan you need.

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

  1. Medicare Advantage Plan (Part C) (like an HMO or PPO) or other Medicare health plan that offers Medicare prescription drug coverage. You get all of your Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) coverage, and prescription drug coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called “MA-PDs.” You must have Part A and Part B to join a Medicare Advantage Plan.
  2. Medicare Prescription Drug Plan (Part D) . These plans (sometimes called “PDPs”) add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.

What Is the Difference Between Medicare Supplement Insurance Plans F, G, and N?

Medicare Supplement (or Medigap) insurance plans are standardized across the nation, except in Massachusetts, Minnesota, and Wisconsin. Each of the 10 plans is denoted by a letter, and the currently available plans are A, B, C, D, F, G, K, L, M, and N. These plans are provided through private insurance companies, but plan type with the same letter must offer the same set of basic benefits regardless of location.

Medigap Plan F is considered one of the most popular plans because it offers the most comprehensive coverage of certain health care costs, including:

Medigap Plan G offers all of the same benefits as Plan F except for the Part B deductible.

Medigap Plan N covers the same benefits as Plan F except the Part B deductible and Part B excess charges. Also, it covers the Medicare Part A deductible at 50% versus 100%. Medigap Plan N pays for 100% of the Part B coinsurance, except for copayments of up to $20 for certain office visits and up to a $50 for emergency room visits that do not result in an inpatient admission.

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.