What are Medicare Supplemental Plans?
Medicare Supplement plans cover what Original Medicare does not. These supplement plans fill in gaps in your healthcare coverage including copayments, deductibles, and coinsurance. Medicare Part A and B alone only cover 80% of your costs. These are designed to cover the other 20%. These are also called MediGap plans they are the exact same thing.
What are Medicare Supplement Plans?
Medicare Supplement plans are supplemental insurance policies that cover costs left unpaid by Medicare Part A and Part B. This means that healthcare providers bill Medicare first, and charge the remaining amount to the Medicare Supplement carrier. If a provider accepts Medicare, they will always accept your Medicare Supplement plan.
Supplemental Insurance Plans for Seniors on Medicare
Medicare Supplement plans are standardized by the federal government, meaning the benefits for each plan are consistent across supplemental insurance companies. Before you begin to compare supplemental plans, it’s helpful to familiarize yourself with the pricing methods used by carriers. The method used can affect your rates and how they increase over time. It’s important to note that if you have a Medigap policy and your spouse needs coverage as well, they must buy a separate policy.
What Determines Your Medicare Supplement Premium?
Prices and premiums vary by the insurance company, as well as by state. The same plan may cost more in one state than another. Depending on the letter plan you choose, the average premium can range between $50-$300. Several factors can affect your premiums. Depending on your health and budget needs, a supplement plan could save you from high unexpected medical costs.
Once you’re Medicare-eligible, you can sign up for a Medicare Supplement plan once you have Part Aand Part B. You are Medicare-eligible if you have reached age 65, have collected Social Security Disability benefits for at least two years, or have been diagnosed with ESRD or ALS.
The best time to enroll in a plan is during your 6-month Open Enrollment Period. This enrollment period begins with your Part B effective date. When you enroll in a Medigap plan during this time, you have guaranteed issue rights. If you’re outside this time-frame, you can still enroll in a plan at any time of the year.
Some benefits include coverage for any coinsurance for outpatient services, coverage for both inpatient & outpatient deductible, hospital costs up to an additional 365 days after benefits from Original Medicare have been exhausted, hospice care coinsurance and copayments, first three pints of blood each year, and more.
What Companies Sell Medicare Supplements?
Many carriers sell Medicare Supplements. Some of these companies include UnitedHealthcare, Cigna, Humana, Blue Cross Blue Shield, Aetna, Mutual of Omaha, Anthem, Lumico, and many more.
Where Can I Compare Medicare Supplement Plans?
You can compare Medicare Supplement plans online, but you still need the assistance of a licensed Medicare agent to get accurate quotes. All you have to do is complete our online rate form. Once you submit the required information, we will be able to pull all the plans available in your area with all the top carriers taking into account your information and health history. Your information is required in order to get your premium rates since those factors are what impact your premium.
