Medicare Supplements (Medigap) can be added to your Original Medicare to take care of many of the out-of-pocket costs and expenses, with many price and coverage options to choose from.
Medicare Supplements do just that—they supplement your Medicare coverage to cover those extra out-of-pocket costs. With Original Medicare alone, you will be paying for a variety of things such as copayments, coinsurance, premiums, deductibles, and more, as well as many other unexpected expenses that aren’t covered in the first place, including blood transfusions and foreign travel emergency care.
The benefits of a supplement, however, will vary depending on the plan you choose. There are 10 to choose from—A, B, C, D, F, G, K, L, M, and N. Each of these options provides a variety of helpful benefits at different price points to match virtually any Medicare beneficiary’s coverage and budget needs.
A supplement can be a fantastic option for anyone eligible for and covered by Original Medicare. Many people will benefit from its additional coverage, but not everyone.
If you do not have Medicare Advantage, a supplement may be right for you—you cannot have both an Advantage and a supplement plan at the same time. You must choose, then, which plan serves your needs best (if any). To find out more, check out our information on Medicare Advantage. And, if you have Medicaid or a chronic condition and qualify for a D-SNP or C-SNP, those may be a better option for you rather than a supplement.
You also cannot have a Part D prescription plan with Medigap. So, if you value drug coverage more than benefits in other areas, you may choose not to purchase a supplement.
For many people, having the additional help provided through Medigap is a great way to reduce their costs with Medicare. And, with so many options to choose from, there will almost certainly be a plan available in your area that works for you.
The best time to enroll in Medigap is during the Medigap Open Enrollment Period, which starts as soon as you are 65 and enrolled in Original Medicare. This period will last for six months. As long as you are eligible for and enrolled in Original Medicare, you can purchase a supplement without any issues.
Past these initial 6 months, you will have to undergo a process known as medical underwriting to be considered eligible. This is simply a short questionnaire about your general health. The longer you wait to buy, the less likely you are to be eligible.
Supplements can have premiums anywhere from $70 to $270 a month. Oftentimes, the lower the premium, the higher the deductible. There are high-deductible options out there if this interests you.
Costs will vary depending on the types of plan you purchase (and the coverage it offers), where you live, and what company you purchase from.
Supplements are a great way to get the most out of your Medicare plan, but not if you don’t know how to get it or even where to start. Schwenker Senior Insurance will help you find the best coverage that works for you—give us a call at 563-579-6116, or email us at jon@schwenkerins.com.
