Medicare Supplement

What is a Medicare Supplement plan? It is a plan of health insurance, also called Medigap that will cover the holes in an original Medicare policy. There are 12 standardized Medicare supplementing plans and they are A-L. For you to be able to get a supplemental policy you must have both Part A and B of the original Medicare. You also must be at least 65 years or age or older in order to qualify for these policies. Each of these policies will have a different cost and different advantages to them, so you will need to research each one.

These policies can help you pay your share of the Medicare –covered services. Some will even cover certain costs that original Medicare will not cover. Medicare is termed as insurance for people age 65 or older. If you are younger with certain disabilities and it will cover any age with ESRD or end stage renal disease. There are many Medicare Advantage plans including special needs, Private Fee for Service, PPO, HMO and MSA plans that will also help with the healthcare costs of Medicare. These policies also cover things that Medicare won’t cover such as deductibles, co-pays and co-insurance.

The way that this works is that Medicare pays their part of the costs, then your Medigap policy will pay the rest. These policies will not cover private duty nursing, dental and vision care, long term care, eyeglasses and hearing aids.  Certain policies are not Medigap and these include Advantage Plans part C that are like PFFS, PPO, or HMO, Medicare Part D, TRICARE, Long Term insurance policies, Medicaid, FEHBP or veterans’ benefits are not Medigap policies. Insurance companies can only sell you Medigap policies that are standard and range from A-L.

Here are some other things you need to know about these types of policies. These policies will only cover one person per policy. These policies are guaranteed renewable and generally you must have Medicare Part A AND B to buy one of these policies. You will pay a premium to both the Medigap insurance company as well as to the insurance company that has your original Medicare policy. You also may purchase a policy from any licensed insurance agent in the state in which you live. While some of these policies in the past have covered prescription drugs, there are no new ones at present that include prescription drug coverage.

If you want this, you will have to join Part D of Medicare. You can purchase a policy during an open enrollment period. This period starts on the first day of the month of being age 65 and enrolled in Part B. This is a six month period from the start date to sign up for a Medigap policy. Be aware that any insurance company cannot refuse to sell you a Medigap policy, charge you more or make you wait for the policy. However, they can make you wait for a pre existing condition. This time frame can last 6 months before it will cover a pre-exist condition. This is why it is so important to get your policy during your open enrollment.

For more information about Medicare Supplement visit us at: www.medicaresupplementleads.com or call 1-877-384-9494.