Medicare Supplements
Medicare Supplement plans, also known as Medigap, are insurance policies offered by private insurance companies authorized to sell Medicare plans. They play a crucial role in assisting individuals with covering expenses that aren't fully paid for by Medicare Part A and Part B. These expenses include deductibles, coinsurance, copayments, hospital costs that remain after Medicare's contribution, skilled nursing facility expenses, and various other costs.
The Benefits Of Medicare Supplement Plans
Medicare Supplement plans can help you pay for cost not covered by Original Medicare such as, copayments, coinsurance, deductibles, and medical care when you travel outside of the United States. Medicare Supplement plans do not have networks; therefore, referrals are not required. You have the luxury of picking your own doctors and hospitals.
Medicare Supplement Eligibility
You must be enrolled in Medicare Part A and Part B if you are a US citizen or a permanent resident and have lived in the United States for five continuous years.
Medigap Open Enrollment
The first month you start Medicare Part B and you're 65 or older you will have a six month guaranteed issue period. During this time you can enroll in a Medigap plan with out answering health questions. If you miss the six month enrollment window you can still apply for a Medigap plan but you will have to pass health questions.
Medigap Plans
There are 10 types of Medigap plans- A, B, C, D, F, G, K, L, M, and N. No matter where you live or which insurance company you choose, you'll get the same basic benefits. The most popular plans are Plan G and Plan N. Prescription Drugs are not covered under a Medicare Supplement plan. You will need to purchase a stand alone prescription drug plan. Additionally, dental, vision, hearing, or routine vision is not covered. You will need to purchase a separate plan for these benefits. Keep in mind that Medigap premiums increase annually as you age. You will also pay a monthly premium for Part B on top of you Medigap and Prescription Drug Plan (PDP). If your doctor accepts Medicare, they will accept your Medicare Supplement plan.
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