Medicare Supplement plans cover what Original Medicare does not. These supplement plans fill in gaps in your healthcare coverage including copayments, deductibles, and coinsurance.
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.
Once you’re Medicare-eligible, you can sign up for a Medicare Supplement plan once you have Part A and 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 timeframe, 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?
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.
How to Pick a Medicare Supplement Plan in 2022
If you're considering adding a supplement plan to your Medicare benefits, give us a call at the number above. If you prefer to see rates online, you can fill out our online rate form. Our agents will need to collect some additional information so we can provide you with the most accurate rate quote on all your supplemental options. Our services are 100% free to you.