Medicare Supplements

If you are enrolled in Medicare, you can lower your out-of-pocket health care costs by enrolling in a Medicare Supplement Insurance plan. These plans exist to help Medicare beneficiaries pay expenses that remain after Medicare pays their approved amount for health care services. This is what you need to know about Medicare Supplement Insurance (Medigap).

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What Is Medigap?

Medigap insurance helps fill the financial gaps that Original Medicare leaves behind. The plans are provided by private insurance companies that have contracted with Social Security to provide you with supplemental benefits. There are ten primary plans, each offering a different assortment of benefits.

What Costs Does Medigap Cover?

Medicare Supplement Insurance can help you afford health care services. A Medigap plan may cover your Part A and Part B coinsurance, copayments, and deductibles. Each plan is different, and some may cover additional costs as well. While some of the plans cover all or most of these costs, others provide the bare minimum of assistance.

How To Get Medigap Coverage

In order to qualify for a Medigap plan, you must have both Part A and Part B Medicare coverage. Medigap plans are different from Medicare Advantage plans, and you cannot enroll in a Medigap plan if you are enrolled in Medicare Advantage. To maintain your Medigap coverage, you must pay a monthly premium in addition to your Part A and Part B premiums. Medigap policies only cover one person. Therefore, you will need to purchase additional policies for multiple people.

Medigap Rules

Medigap plans are only available from private insurance companies that are licensed to sell Medicare Supplement Insurance. The plans that are available in your area will vary based on your location, so check with an insurance professional to learn what your options are. Medigap policies are also guaranteed renewable, regardless of your health condition. This means your benefits can’t be canceled as long as you keep up with your premium payments.

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Medigap and Prescription Drugs

While some Medigap policies sold in the past offered prescription drug coverage, these plans stopped being sold after January 1st, 2006. If you purchase Medigap coverage after that date, it will not include prescription drug coverage. If you need prescription drug coverage, you must enroll in a Part D prescription drug coverage plan.

Medigap Enrollment

If you wish to enroll in a Medigap plan, the best time to do so is during the Medigap Open Enrollment Period. During this time, you will have access to the best prices and you won’t be subject to health underwriting. This means you cannot be denied coverage due to your health condition. The Medigap Open Enrollment Period begins the month you turn 65, and it lasts for 6 months. If you enroll after the Open Enrollment Period ends, you won’t be guaranteed to receive coverage. Insurance companies will have the option to deny you due to your health status. Medigap plans can help you afford health care services. Don’t wait to enroll. If you wait until after your Open Enrollment Period, there is no guarantee that you can qualify for coverage. It’s best to be proactive if you will soon be age 65. Contact El-Mag Insurance to learn more about your options. You can reach us at 954-674-1444.

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