Medicare Part A and B are the traditional types of Medicare policies that you will receive. They are not supplemental, but instead cover hospital insurance (Part A) and medical insurance (Part B).
While they should cover most aspects of your health care, they don’t provide total coverage. As a result, a growing number of Medicare recipients are enrolling in Medicare Supplement insurance for seniors.
Medicare Supplement Insurance for Seniors
Medicare Supplement insurance, otherwise known as Medigap, is supplemental health insurance for seniors with Medicare that fills in the gaps left by their Traditional Medicare coverage.
Medicare only covers 80% of your healthcare costs, and you still have deductibles.
These Medicare Supplement policies are typically provided by private companies and pair up with your Medicare plan to create more comprehensive coverage. They cover copayments, coinsurance, and deductibles that form out of pocket costs.
Is Senior Medicare Supplement Insurance Necessary?
Many Medicare beneficiaries don’t realize, until they receive a bill from their physician’s office, that their still responsible for out of pocket costs like coinsurance, deductibles and copayments.
Now, Senior Medicare Supplement insurance isn’t an absolute necessity for all baby boomers. However, these plans are useful for when your Traditional Medicare benefits fall short, which they will.
Every person has different needs; budget, healthcare expenses, and peace of mind. Talking to licensed insurance agent can help you determine what plan is best for you. Because, the plan that is best for your neighbor, may not be the most suitable plan for you.
If a Medicare Supplement policy isn’t what suits your budget or healthcare needs, you can always ask a licensed insurance expert about a Medicare Advantage Part C plan.
What is the Best Insurance to Supplement Medicare?
There are 10 senior Medicare Supplement insurance policies available, all with a variety of different benefits. You can find a complete list of the best Medicare Supplement plans here!
These plans are identified by letters, ranging from A through N. Below, we’ve assembled a quick summary of each plan’s major benefits in most states. If you live in Massachusetts, Minnesota or Wisconsin, your Medigap options are a little different.
We’ve created this chart to help you understand the plan differences at a glance.
- Plan A Medicare Supplement extends your Medicare Part A coinsurance hospital benefits for up to a year. It also covers Part A hospice care and the coinsurance or co-payment at doctor’s offices and other Part B health care providers.
- Plan B Medicare Supplement has all the benefits of Plan A, plus it pays the Part A deductible.
- Plan C Medicare Supplement includes all of Plan B’s benefits, plus coinsurance for skilled nursing facility care, foreign travel emergency insurance, and the annual Part B deductible.
- Plan D Medicare Supplement has the same benefits as Plan C, except that it doesn’t pay your Part B deductible.
- Plan K Medicare, L, M and N offer the same features as Plan D, but they pay less than 100 percent of your costs for certain services or deductibles. For example, Plan K covers only 50 percent of your Part B coinsurance, while Plan N requires co-pays.
Most Popular Medigap Plans
- Plan F Medicare is the most comprehensive plan available. It includes all the benefits of Plan C, and it also pays Medicare Part B excess charges.
- Doctors that do not accept Medicare as full payment for services can bill you for “excess charges” of up to 15 percent on top of what Medicare pays. For example, if Medicare pays $1000 for a service, the doctor can charge you $1150, and you will be responsible for the extra $150.
- Plan HD-F is a high deductible version of Plan F. It offers the same benefits as Plan F, but you must meet an annual deductible before your insurance pays anything.
- Plan G Medicare is the only plan other than Plan F that will cover excess charges. The difference between Plan G and Plan F is that Plan G does not pay the annual Medicare Part B deductible
Is There an Open Enrollment Period?
Medicare Supplements allow you to enroll, disenroll and change plans whenever you wish. The only thing is, you will get the best possible premium and rating when you are first eligible for Medicare.
When you’re first eligible for Medicare, you qualify for a Guaranteed Issue period, this means you don’t have to go through Medical underwriting and no matter what your previous health conditions are, you’ll be approved for coverage.
If you wait to enroll in a Medicare Supplement past the point of your Guaranteed Issue period, you’ll likely need to go through underwriting, and it’s possible you won’t qualify for coverage.
Can I Change My Insurance to Supplement Medicare?
If you can disenroll from your Medicare Advantage plan, or if you have no health coverage in addition to your Traditional Medicare, you’ll be able to apply for Medicare Supplement coverage.
If you are locked into your Medicare Advantage plan, you won’t be able to enroll in a Medicare Supplement. You can’t be enrolled in a Medicare Advantage plan and a Medicare Supplement at the same time.
What About Medicare Part D?
Medicare Part D is an optional choice that you can add to your health insurance for seniors with Medicare. It’s a drug plan that helps to cover the cost of your prescription drugs.
While it is possible to enroll in this plan at any time, you will have a late enrollment penalty added to your monthly payment period.
Will My Doctor Accept My Medigap Policy?
Yes, if your doctor accepts Medicare assignment, they will accept your senior Medigap policy. To read more about what Medicare Assignment is, click here.
How do I Compare Rates for Medicare Supplement Insurance for Seniors?
To compare rates for Medicare Supplement insurance for seniors, you can either give us a call to speak to a licensed agent in your area or complete our online rate form here to see prices side by side with the top carriers now!