Navigating Out-of-Pocket Costs
Find out Medicare Supplement Plans can help cover your remaining healthcare expenses
Medicare Supplement Insurance plans are also known as Medigap and can help individuals pay some of the out-of-pocket costs not paid for by Medicare Parts A & B. These plans are standardized by the federal government but are offered by private insurance companies. All plans offer the same basic benefits nationwide; however, Massachusetts, Minnesota, and Wisconsin have different standardized plans.
Additionally, Medigap coverage travels with you since the plans do not have networks. You can receive coverage while traveling throughout the US and may also get coverage for emergency care when traveling abroad.
Medicare Supplement Insurance can assist with full or partial coverage of the following:
- Medicare Part A hospital coinsurance
- Medicare Part B coinsurance or copays
- Medicare Part A and B deductibles
- Cost of blood transfusions (first 3 pints)
- Costs for 365 extra hospital days
- Hospice care or skilled nursing facility care coinsurance
- Foreign travel emergency care up to plan limits
Additionally, some Medicare Supplement Insurers offer value-added services for free or at a discounted rate. These services may be provided by the insurer or through a partnership with the insurer.
- Discounts on vision, hearing, or dental services
- Free or discounted gym memberships
- 24-hour nurse phone lines
Am I eligible for Medicare Supplement Insurance?
You are eligible for a Medicare Supplement Insurance or Medigap plan if you are age 65 or older, and have already enrolled in Medicare Parts A & B.
To ensure the best rates possible, the best time to buy a Medigap plan is during the Open Enrollment Period that starts during the month of your 65th birthday. During this six-month period, you can get guaranteed coverage at the best rates regardless of your health status, as long as you have already enrolled in Medicare Parts A and B.
You are also eligible to purchase a Medigap plan outside of the Open Enrollment Period. However, after the conclusion of the Open Enrollment Period, if you have a preexisting health condition, it could influence your eligibility for a Medigap plan and how much you pay.
Let the Experts Help You With Your Medicare Supplement Plan
Landel Insurance can help guide you through all the additional Medicare coverage plans that the government has to offer. Our clients are our number one priority, and we want to ensure that you receive the best custom fit for your unique needs. Contact us today!
No, prescription drug coverage is not included. We recommend adding Part D coverage if you require prescription medication.
No, Medigap plans do not have networks. You can select any doctor or hospital for your healthcare services as long as they accept Medicare patients, in general. You can also see specialists without referrals.
Every plan is based on an individual’s age, medical condition, and financial background. Our company consists of highly knowledgeable experts who can help you work your way through the right health or life insurance plan.
5 Common Questions to Ask Yourself When Selecting a Medicare Plan
Whether you are navigating this on your own or with the help of an insurance agent, here are 5 questions you should ask yourself to determine your health requirements for Medicare plans.
- Generally, how often do you visit the doctor?
- What prescription medications do you take? How often?
- Do you have preexisting conditions?
- Do you want coverage for dental, vision, or hearing?
- Do you need help paying for Medicare?
Have Additional Questions?
Landel Insurance can provide you with additional insights regarding your insurance questions. Please don't hesitate to contact us!
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Medicare Supplement vs Medicare Advantage
If Medicare Supplement Insurance does not sound like the coverage you need, perhaps Medicare Advantage would better suit your needs. If you are unsure about the different plans, consider giving us a call or sending us an email. We want to help you get the right coverage for your healthcare requirements.
Individuals can choose to get their Part A and Part B benefits through a Medicare Advantage plan (Part C) that combines the benefits of Parts A, B and D.
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