One thing that many people do not know is that Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. This is private insurance.
- Medigap plans may help defray or reduce some of the costs outside of the coverage provided by Medicare Parts A and B, like co-insurance, co-payments, and deductibles.
- To be eligible to purchase a Medigap plan, you need to be enrolled in Medicare Parts A & B. You must be a resident of the state where the policy is offered. You must be at least 65 years of age. In some states you may be eligible if you are under 65 but have a disability or end-stage renal disease.
- Medicare supplement insurance plans are standardized into a variety of plans, all of which cover basic benefits. The plans vary because each one has additional benefits designed to meet specific needs. Along with varying plans come varying costs. Some plan benefits are provided at higher premiums with limited out-of-pocket costs, while others are are cost-sharing plans offering similar benefits at lower premiums, but with greater out-of-pocket costs.
Making a change to a Medicare supplement plan is limited to the first day of the month in which you turn at least 65 years old and are already enrolled in Medicare Part B. An insurance company cannot use your medical history for eligibility if you apply for a Medigap plan during the Open Enrollment period or if you qualify for a guaranteed issue.
If you have questions about Medicare supplement insurance plans, call your Prescott health insurance experts at Adler Insurance for an overview of all the options available to you. To speak to an agent today, call us at 928-710-1455 or visit us at http://www.adlerlifehealth.com.
