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Medicare Supplement Insurance is a private health insurance plan designed to cover the “gaps” left by Original Medicare. When you turn age 65 (or become eligible for disability benefits under age 65) you can obtain Medicare. Original Medicare is broken down into two parts, consisting of “Part A” and “Part B”. Part A of Medicare is known as your basic hospital coverage. Part B of Medicare is known as your basic medical coverage. Both of these parts of Medicare only pay a portion of your healthcare expenses. That is why it is important to consider additional Medicare Supplement Insurance to cover what Original Medicare does not.
As long as you are covered under original Medicare Parts A & B, then you are “eligible” to purchase Medicare Supplemental Insurance. However, you may be subject to answering health questions. If you are within 6 months of initially getting your Medicare Part B coverage, or turning age 65, you will be guaranteed acceptance. Also, if you are losing group health insurance or a similar situation, you may also be guaranteed acceptance into a Medicare Supplement Insurance Plan. In other situations, you may be required to answer health questions. In order to determine what you are eligible for, we advise you to give a licensed insurance agent a call and they can explain your options.
You can purchase Medicare Supplement Insurance in many different ways. Most consumers will initially complete much of the research necessary online in order to gain a better understanding of the options available to them. After you feel you are well-informed and have been able to get price quotes on several different options, you can decide to apply for a policy. We work with trusted licensed insurance agents and insurance companies across the country and can help assist you in purchasing a MedigapPolicies plan that you desire. The quickest way to compare plans & prices, and/or enroll is to fill out our online quote form and get started today!
A Medicare Supplement Insurance Plan and a Medicare Advantage Plan are two very different types of insurance that many individuals confuse as being the same. It is important to understand what each plan is and is not in order to purchase/enroll in the right coverage for your needs. Put simply, a Medicare Supplement Insurance plan is a secondary insurance plan sold by private Medicare-approved insurance companies. This plan type is designed to fill in the “gaps” left by Original Medicare (Medicare Parts A & B). Again, Original Medicare does not cover 100% of everything, and so it is important to consider a Medicare Supplement Insurance plan to fill those gaps. On the other hand, a Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare. Medicare Advantage Plans provide all of your Part A and Part B benefits. If you enroll in a Medicare Advantage Plan, most Medicare services are covered through the plan. Medicare services are not paid for by Original Medicare. Most Medicare Advantage plans offer prescription drug coverage.
Many people are under the misconception that you can only purchase a Medicare Supplemental Insurance plan at certain times throughout the year–this is not true. In fact, you can actually purchase a Medicare Supplement Plan at any time throughout the year, but may be subject to medical underwriting to decide whether to accept your application. However, there are some time frames to be aware of. 1) There is the “Initial Enrollment Period” which is a one-time-only opportunity lasting 6 months from when you initially get Medicare Part B. During these 6 months, you can purchase any Medicare Supplement Insurance Plan through an insurance company with guaranteed acceptance–regardless of your health. 2) If you are losing insurance coverage through an employer or in a similar situation, you may be eligible for a “Guaranteed Issue” period lasting 63 days, in which you can purchase a Medicare Supplement Insurance Plan – again with no health questions asked.
Individuals from all walks of life can find Medicare Supplement Insurance to be a major benefit. Whether you are on a very low income, a low to moderate fixed income (like most older adults), or are wealthy–Medicare Supplement Insurance can be a great choice. One of the main reasons why it doesn’t matter your income as much is because Medicare’s coverage is standard–regardless of your financial status. Whether you are a low income or a multi-millionaire, you still have a strong need to protect yourself from the large gaps leftover by Medicare. If Medicare Part B only covers 80% of your medical expenses, it will always be important to have insurance to cover the remaining 20%.
All 10 Medicare Supplement Insurance Plans are standardized, meaning coverage and benefits are identical between companies. Price is the only difference. Our advice is to compare plans and check for possible savings.
A good thing to do if you are looking to learn more about Medicare Supplement Insurance Plans is to start your online quote comparison today. With your free rate quote and plan comparison (No obligation to enroll), you can easily see the differences in coverage and monthly price between the varying plans offered in your area. Our website will provide you access and information to a great start in your Medicare Supplement Insurance plan research.