Supplemental

Medicare Supplements: You Have Options

The world of Medicare can be a very confusing place without the information needed to make some very important decisions.  Are you aware that you have options when it comes to your Medicare plan?  These options are called Medicare Supplements.  These are plans that are designed to enhance your medical coverage after you reach retirement age.  At age 65 you are eligible to receive Medicare benefits in addition if you participate in Medicare Part A and Part B you are eligible to receive apply for Medicare supplement otherwise known as Medigap coverage.  This coverage is designed to help offset the costs not associated with Medicare coverage.

Once you are on a fixed income the thought of having to seek medical care can be a little overwhelming.  Medical care costs have skyrocketed in the last few years due to a number of factors and the possibility of facing a medical emergency without proper health insurance coverage could be devastating for you and your family.  With a good Medicare supplement plan in place you will have peace of mind knowing that you can and will receive the medical attention that you require without all of the stress associated with the lack of medical coverage.  Medigap insurance is purchased through a private insurance company and you will be billed on a monthly basis for the premium.  The important thing to remember is that you must sign up for your Medigap policy during the open enrollment period to avoid the possibility of having to go through the underwriting process, at which time you may be denied coverage due to health issues.  During the open enrollment period the condition of your health becomes a non-issue.  Regardless of your health, once you have purchased a Medicare Supplement policy the insurance company cannot cancel you as long as you continue to pay your monthly premiums.

In most states insurance companies have to sell a “standardized” Medicare supplement policy.  What this means, is essentially the coverage is the same no matter what insurance company you choose to go through.  But keep in mind that insurance companies may charge different premium amounts for the exact same coverage.  If you and your spouse participate in Medicare Part A and Part B each of you would need to purchase a separate Medicare Supplement senior insurance policy.  Once again, in order to have Medicare Supplement insurance you must be enrolled on Medicare Part A and Medicare Part B.

Medicare Supplement or medigap Plans are among the most comprehensive additions to the Original Medicare benefit available.

Medigap plans cover the difference between the expenses paid for by Medicare and the amount charged by a health care provider.

Medicare Supplement plans are available to seniors enrolled in both Medicare Part A (hospital) and B (medical) insurance plans. As of June 1, 2010, Medigap coverage is standardized into ten different plan types (A through N), each with a different combination of benefits but same from carrier to carrier. medicare Supplement plans are generally health underwritten, which means in order to qualify, one needs to be relatively healthy. However, there are periods of time when anyone with Medicare is guaranteed acceptance, regardless of health status.

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