Medicare Supplements

If you are enrolled in Original Medicare, you may be surprised to learn that there is a way to save money on your health care coverage. That’s right, Medicare Supplement Insurance can actually help you lower the out-of-pocket costs associated with Medicare-approved health care services. 

This unique form of coverage offers a wide range of valuable benefits. Keep reading to learn what Medicare Supplement Insurance can offer you.

What Are Medicare Supplement Plans?

Medicare Supplement Plans, which are also known as Medigap, is an insurance product designed to lower the out-of-pocket costs that are associated with Medicare. With one of these plans, you can have common costs like deductibles, coinsurance, and excess charges paid partially or, depending on your plan, in full. 

Medicare Supplement Benefits

There are ten different Medigap plans currently available. Each one offers a different assortment of benefits, many of them have the same core benefits. These are some of the core benefits offered in most Medigap plans:

  • Part A coinsurance for days 61 to 90 of a hospital stay
  • The Part A coinsurance for days 91-150 of a hospital stay (lifetime reserve days)
  • All hospital-approved costs from day 151 through 365

Plans A, B, C, D, F, and G also cover the following:

  • The cost of the first three pints of blood used in a medical procedure
  • The Part B coinsurance for medical charges

There are also other benefits that may be covered depending on which plan you choose. For example, some plans cover the Part A and Part B deductibles. Others cover skilled nursing facility care and Part B excess charges as well. 

That’s what is great about Medigap plans; you can choose a plan based on your specific needs. Each plan is designed to keep your out-of-pocket costs at a minimum, so take advantage of one now by calling an insurance agent.

Medicare Supplement Enrollment

You can enroll in a Medigap plan whenever you can find a plan willing to accept you, but there is a certain period of time when it’s the absolute best. The best time to enroll in a Medicare Supplement Insurance plan is during the Medigap Open Enrollment Period. 

This period begins as soon as you turn 65 and are enrolled in Original Medicare, and it lasts for a total of 6 months. During this time, you cannot be denied Medigap coverage and you have access to plans at the lowest available rates. If you choose to not enroll during this period, you lose these advantages. This means insurance companies can have you go through what is called a medical underwriting process and may or may not accept you into a Medicare Supplement plan because of your health. 

Therefore, we suggest using the Medigap Open Enrollment Period as soon as you become eligible to. 

Medicare Supplement Costs

Medigap plans are relatively inexpensive compared to major health insurance. The cost of your plan will depend greatly on where you live, if you enroll outside of open enrollment, and your health status. 

The insurance company you choose will also dictate your total costs, so speak to an insurance agent to learn what your options are. 

Find Medigap Coverage

If you need help sorting through the various Medigap plans that are available in your area, we can help you get started. With our help, you’ll be able to figure out which plan makes the most sense for your health care needs. 

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  • Do I need to sign up for Medicare Part A and B if I'm still working?

  • How can private insurance help me with the costs of Medicare?

  • How do I avoid the coverage gap with Medicare Part D prescription drug plans?

Ready to begin your Medicare journey?