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Medicare Supplements

Medicare Supplements

A Medicare Supplement, also known as Medigap insurance, is a private insurance policy designed to help you pay for coinsurance or deductibles incurred Original Medicare. Medicare Supplements can also pay for certain services or items not covered by Medicare, such as prescription drugs. However, supplement plans only work with Original Medicare, not Medicare Advantage Plans.

Medicare Supplement plans are available to supplement your Original Medicare benefits. You can only purchase this plan after you enrolled for Original Medicare. Medigap pays any remaining deductibles, copays, or costs that Original Medical doesn’t cover. If you have met your Original Medicare deductible, your Medicare Supplement policy will pay the 20 percent of the bill not covered by Medicare Part A or Part B.

Enrolling In Medicare Supplement

As a Medicare beneficiary, you are entitled to a one-time, 6-month open Medicare Supplement enrollment period. You have the right to buy any Medicare Supplement policy sold in your state, no matter any health problems you may have. This enrollment period starts when you turn 65 and are enrolled in Medicare Part B. If you enroll in Medicare Part B due to disability, the open Medicare Supplement enrollment period begins when you reach 65.

For those who postpone enrollment in Medicare Part B because they are still employed or covered under a working spouse’s health plan, the Open Enrollment Period starts when you enroll in Medicare Part B. All Medicare Supplement policies are guaranteed renewable, so this means your plan will continue as long as you pay the premium.

Moreover, there are more limited enrollment periods during which some patients are guaranteed the right to purchase certain Medicare Supplement policies. These options are usually activated by certain events like the termination of your other health coverage.

Medicare Supplement Plans

There are ten Medicare Supplement plans available (identified by letters A, B, C, D, F, G, K, L, M, and N), but some plans are no longer available to new enrollees. Medigap plans are standardized, so all of the same letters offer the same basic coverage irrespective of the insurance company you opt with. However, they offer different premiums or costs.

Insurance companies can’t sell you a Medigap insurance plan if you already have coverage through MA or Medicaid. Medigap plans also cover only one person.

All Medicare Supplement Plans Offer Essential Benefits

For example, all of these plans are guaranteed renewable, so you will always have your policy as long as you keep paying your premiums. You can also go to any hospital or doctor who accepts Original Medicare.

Even though Medicare Supplement plans are standardized, insurance companies’ premiums can vary significantly for the same plan. These companies can use several different methods to set prices for their premiums. Usually, what you pay depends on where you live, your gender, age, your health, etc.

All Medicare Supplement plans will increase the older you get, but some plans increase more than the others.

When you work with us at Wise Up Financial, we can help you identify insurance companies that will offer you the coverage you need at the right price.

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Still Have Questions?

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Still Have Questions?

If you’ve enrolled in Medicare and want to learn more about your coverage, then we’re here to help. Feel free to reach out to us today and we will find a time to talk more about your specific coverage and the ways you can use it.

Let Wise Insurance Help!

If you have any questions about Medicare, please don’t hesitate to reach out to us. Our team of licensed and experienced Medicare agents are well-equipped to help you with your needs or questions.