Medicare Supplements

A Medicare Supplement Insurance (Medigap) policy helps pay some health care costs that Original Medicare doesn’t cover. Parts A and B only cover up to 80% of your expenses, so a Medigap plan will pick up the leftover 20%.

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What are Medicare Supplements?

When it comes to Original Medicare, there is often still a lot left over to pay out-of-pocket each year. To fill the “gaps” that Original Medicare does not cover, private insurance companies offer plans that help you cover the remaining cost. These policies are known as Medigap. A Medigap policy helps cover things like copayment, coinsurance, and deductibles. However, you will still pay both the Medigap policy the Part B’s monthly premiums.

To be eligible for Medicare Supplements, you are required to have Medicare Part A and B. As such, like Medicare Part A and B, a Medigap policy can only cover one person. However, you cannot purchase a Medicare Supplement plan if you are covered under Medicaid or a Medicare Advantage Plan.

Medigap Plans

These plans might vary as Medigap policies are offered through private insurance companies. However, across the United States, Medicare Supplement plans are standardized into ten different plans. These plans are labeled Plan A through N, which will differ between companies. While companies are not required to offer all ten plans, they must provide at least Plan A, Plan C, or Plan F.

As these plans are standardized, they will provide, at the very least, the essential benefits of a Medigap plan. The may difference will usually come in the form of what you will pay for your premium. For example, while Plans F and G may cover 100% of the remaining cost, they will have high premiums.

As Medigap is intended to assist with the out-of-pocket costs that Original Medicare does not cover, most plans will cover the same things that Original Medicare does, and conversely, will not cover the things it does not. These include hearing aids, eye exams, glasses, dental, custodial care, long-term care, and prescription drugs (which must be covered under Medicare Part D).

How Do You Enroll?

A person becomes eligible for a Medicare Supplement insurance plan the first month you are both age 65 or older and also enrolled in Medicare Part B. This period lasts for 6 months. This period is called the Medigap Initial Enrollment period. It is recommended that those seeking Medigap apply during this period because insurance companies cannot deny you coverage or charge you higher premiums due to health conditions.

If you decide to apply outside of the Medigap Initial Enrollment period, you may be subject to medical underwriting and could be denied coverage or charged higher premiums.

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Why Should You Work With an Independent Insurance Agency?

If your 65th birthday is approaching and you’re trying to find the best Medicare Supplement plan to fit your needs, call Elite Insurance Group. We work with and sell the policies of numerous insurance companies to provide you with the best option for your needs. With years of experience helping people find Medicare coverage, there is no better choice than Elite Insurance Group.

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