A Medicare Supplement policy (also called Medigap policy) helps you pay the “gaps” between what Original Medicare covers and the costs that are left over for you to pay out of your own pocket. Like copayments, coinsurance and deductibles for example.
When you are on Original Medicare and you have a Medicare Supplement policy, Medicare will pay its share. Then the Medicare Supplement will pay its share. Also, it’s important to remember that a Medicare Supplement is different than a Medicare Advantage Plan (like an HMO or PPO) because those plans are ways to get Medicare benefits, while a Supplement policy only supplements your Medicare benefits.
It is important to know that each Medicare Supplement policy must follow Federal and Utah state laws designed to protect you and the policy must clearly be identified as “Medicare Supplement Insurance”. There are 10 different Medicare Supplement coverage options to choose from. Plans are labeled A, B, C, D, F, G, K, L, M and N to signify the plan differences. What’s covered on each plan is detailed out in the chart below.
Because Medigap policies are regulated by State and Federal laws, all benefits for all options are the same regardless of what company you are with. A Plan F with one company and a Plan F with another company the coverage is exactly the same. The differences will be in the money premium and the company that administers the plan. That’s why it’s so important to shop the rates of the different carriers to make sure that you are getting the best rate.
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Rates vary for these plans, and we’ll do the work for you to find the Right Plan at the Right Price, saving you time and money! Senior Medicare Advisors has helped thousands of Medicare beneficiaries choose the right plan for their needs. Learn, Compare and Save time and money with us!
When should you Buy your Medicare Supplement Policy?
The best time to buy a Medicare Supplement is during your open enrollment period. This period lasts for 6 months and begins on the first day of the month in which you are 65 and older and enrolled in Medicare Part B. Another great time to buy is if you are ever loosing employer coverage, once you have lost employer coverage you have 63 days from the day your coverage ended. During these periods you have guaranteed acceptance and an insurance company can’t use medical underwriting to deny you coverage. This means the insurance company can’t do the following:
If you are on a Medicare Advantage plan and want to switch to a Medicare Supplement you will have to wait until the Annual Enrollment Period each year from October 15th to December 7th. It will take effect the first of the following year. You man also drop your Medicare Advantage plan Jan 1st thru Feb 15th each year during the Annual Disenrollment Period and enroll into a Medicare Supplement at that time also.
If you are on Original Medicare currently and want to add a Medicare Supplement you may do so anytime during the year but you will have to go through underwriting to get accepted. Also, each companies underwriting is different. If one denies you we can help you shop around for one that might accept you.
This guide helps people with Medicare understand Medigap (also called “Medicare Supplement Insurance”) policies.
This is the official government handbook with important information about the following: What’s new, Medicare costs, What Medicare covers, Health and prescription drug plans, Your Medicare rights and Health information technology
Medicare Part D prescription drug coverage, often referred to as Part D, is provided and coordinated by Medicare-approved private insurance companies. Any beneficiary who is eligible for Original Medicare, Part A and/or Part B, and permanently resides in the service area of a Medicare Prescription Drug Plan, can sign-up for Medicare Part D.
Medicare Advantage plans are health plan options that are part of the Medicare program. It is another plan choice you have as part of Medicare. Medicare Advantage Plans are sometimes referred to as “Part C” or “MA Plans” and are offered by private health insurance companies that are approved by Medicare.
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