Wednesday, February 3, 2016

Do you really know how Medicare Supplements work?

A Medicare Supplement plan, sometimes referred to as a Medigap plan, can be purchased at any time throughout the year. You must already have Medicare Parts A and B to purchase a Medicare Supplement. People who have a Medicare Advantage plan cannot purchase a Medicare Supplement.

Here’s how Medicare Supplements work:

Medicare Parts A and B provide basic medical coverage. But they only cover about 80% of your costs. They do not pay for everything. Medicare Supplement plans are insurance plans sold by private companies to help close this gap in coverage.

Supplements pick up many of the out of pocket costs not covered by Medicare Parts A and B such as copayments, coinsurance, and deductibles. Medicare supplements also give you the freedom to see any doctor of your choice who accepts Medicare patients rather than being locked into a specified network of doctors, hospitals and providers. Some Medigap policies also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S.  

When you have a Medicare Supplement, Medicare will pay its share of the Medicare-approved amount for covered health care costs and then your Medigap policy pays its share. Medicare Supplements do not cover long-term care, vision, dental, hearing aids, or private nursing. Plans sold today do not cover prescription drug coverage.

Supplements are identified by letters A - N and each standardized Medicare supplement plan must offer the same basic benefits, no matter which insurance company sells it. Cost is usually the only difference between Medicare supplement plans with the same letter sold by different insurance companies.

If you are considering purchasing a Medicare Supplement plan, the best time to do so is during your six month Medigap open enrollment period. This period automatically starts the month you turn 65 and are enrolled in Medicare Part B. During this time, you can buy any Medigap policy at the same price a person in good health pays even if you have health problems. If you buy a Medicare Supplement policy outside this window, there is no guarantee that you'll be able to get coverage or that your rates won’t be higher if you do get covered.

If you have group health coverage through an employer or union because either you or your spouse is currently working, you may want to consider waiting until you enroll in Medicare Part B. When your employer coverage ends, you can enroll in Part B which means your Medigap open enrollment period will start when you're ready to take advantage of it. 

Please call me for more information on Medicare Supplements. We’ll review your options and I’ll help you find a plan that suits your needs. Contact me at 440-255-5700

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