Beginner’s Guide to Medicare Supplement Plans

Medicare supplemental plans are an important option for individuals who receive Medicare benefits. If you are enrolled in this health insurance option, you may notice a gap in your coverage. With Medicare Supplement Insurance, however, you can gain support to help you afford the services you need. This program is also called Medigap, and the two names can be used interchangeably.

“What is Medigap?” is a question you may wonder about if you are worried about your gap in coverage. It is important that you know how this program works. You also need to know what types of benefits you can receive through this network before you enroll. There are many different Medigap plans and parts you can enroll in. Therefore, it is important that you know how to determine which will be most beneficial to you and your lifestyle.

What is Medicare supplemental insurance?

Medicare Supplement Insurance plans make it possible for you to obtain medical coverage beyond what you could receive through a traditional Medicare plan. With these benefits, you can obtain financial assistance to cover your cost of copayments, coinsurance or deductibles. Some of the best Medicare Supplement plans you can enroll in also provide coverage for services that standard Medicare does not.

Medigap Insurance Parts

Medicare supplemental health insurance is available in various parts. This means that, before you choose a provider to supply your supplemental coverage, you need to figure out which part is best for you. Regardless, remember that you cannot enroll in one of the Medicare Medigap plans unless you have already enrolled in Medicare Parts A and B.

How to Compare Medicare Supplement Plans

When you are searching for the best Medicare Supplement Insurance for you, make sure you compare plans. You can also use the official Medicare supplement plan comparison chart to help you make your decision. Regardless, be sure that you select a plan that suits your needs. Depending on the plan you choose, you can find specific coverage for:

• Blood transfusions.
• Coinsurance for a skilled nursing facility care.
• Out-of-pocket limits.
• Foreign travel exchange.

How to Apply for Medigap

You should apply for your supplemental insurance during the Medigap open enrollment period. This window of opportunity begins the month you enroll in Medicare Part B and turn 65 years of age. Keep in mind that if you do not like the policy you sign up for, you may be able to change it. This is especially true if you change during the Medicare Supplement free look period. This period lasts 30 days and begins when your Medigap policy begins.

Medicare Supplement Guaranteed Issue

Medigap guaranteed issue refers to specific time periods when insurance companies legally cannot deny your request to purchase a coverage plan. However, these reasons are very specific. Contact your nearest Social Security office if you have questions about whether you qualify.

How much do Medicare supplements cost?

The Medicare Supplement cost you can be expected to pay varies greatly. Furthermore, there are various criteria that can affect the price you are responsible for. Therefore, it is difficult to determine how much you will be expected to pay without consulting with a program representative. Regardless, keep in mind that your Medicare supplemental insurance cost can be affected by:

• Where you live.
• Personal information about your health habits, age and gender.
• Which plan you choose to enroll in.

Medigap vs Medicare Advantage

It may be hard to determine if you should enroll in Medicare Advantage vs Medicare Supplement. Both of these paths can provide you with benefits beyond what is part of the standard Medicare package. There are various pros and cons of Medicare Advantage and Medigap plans. Be sure to weigh these characteristics thoroughly before you choose the plan for you. However, you also need to keep in mind that you cannot enroll in these programs at the same time. When choosing which path best suits your needs, be sure to take into account your medical history. Also, try to anticipate your health care needs as best you can and choose a plan that will specifically support them.