What are Medicare Supplements?
Medicare Supplement plans, also called Medigap policies, help lower your out-of-pocket costs by covering some (or all) of the copays, deductibles, and coinsurance leftover by Original Medicare. With a Medigap plan, you can see any doctor or hospital that accepts Medicare patients.
As long as you’re enrolled in Medicare Parts A and B, you can purchase any Medigap plan that’s sold in your state. In Missouri, there are 10 standardized options.
Why Medicare Supplements Are Important
Many Missouri seniors are surprised to learn that Original Medicare isn’t free, and it doesn’t cover everything. Parts A and B cover 80% of approved healthcare costs, but that leaves you to pay the other 20%. If you don’t have supplemental coverage and face a health emergency, you could end up paying hundreds of thousands of dollars per year out of pocket. However, by getting a Medigap plan, you can solve this problem.
Medicare Supplements Are Guaranteed Renewable.
Unlike some other healthcare options for seniors, Medicare Supplements offer flexibility — you can decide to enroll or change your policy at any point throughout the year. And since these policies are guaranteed renewable, you can’t lose coverage if you develop a health condition. You’re protected year after year, no matter what!
Do Medicare Supplements Cover Prescription Drugs?
No. You can add your supplemental coverage to your Original Medicare, then add a stand-alone Part D drug plan during Medicare AEP.
How Does it Work?
You pay a premium for the Medigap plan. Then, when you have a health issue, your Original Medicare benefits pay their portion (80%) first before the Medigap benefits step in and pay the rest.
Prices vary by insurer. Plans are priced in one of three ways:
When to Enroll
You can sign up for a Medicare Supplement plan at any time. However, there are certain time frames which, if you apply during these “sweet spots”, it will make the process easier:
- The Initial Enrollment Period. During your first six months of Medicare Part B coverage, you’re guaranteed to be accepted, no matter your current level of health.
- The Guaranteed Issue Period. If you’re on the edge of losing employer coverage, you’ll have a guaranteed issue period that lasts 63 days, where you can purchase any Medigap policy with NO health questions asked.
If you apply at any point outside of these windows, you’ll probably have to go through the complex medical underwriting process and answer many invasive health questions. In this case, the insurer may consider your health issue too risky and choose to deny you a policy.
To learn more, and to get help with Medigap enrollment, contact InvoBH today.
Don’t Settle For Anything Less.
Get The Coverage You Deserve!
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Considering a supplement plan but need help comparing rates? Our licensed experts are ready to assist you. InvoBH will get you the policy you want, at a great cost. So, if you have questions, want to learn more about the policy details, or just want to go over your options, call (314) 669-4308!