Turning 65 means your healthcare becomes a top priority. You may be eligible for Medicare, but it doesn’t cover everything. That’s where Medicare Supplement Plans come in. Medicare supplement plans, also known as Medigap plans, are designed to fill in the gaps left by traditional Medicare.
Let us break down the different Medicare supplement plans, what they cover, and how they work. We’ll also answer some commonly asked questions to help you make an informed decision.
What Are Medicare Supplement Plans?
Medicare supplement plans are health insurance policies sold by private insurance companies to fill in the gaps left by Medicare. These plans are designed to cover the costs that Medicare doesn’t, such as deductibles, copayments, and coinsurance.
What are the Different Types of Medicare Supplement Plans?
Most states offer 10 different types of plans, each identified by a different letter that corresponds with a specific level of basic benefits. These Medicare Supplement insurance plans have standardized benefits for each letter category, meaning that a Plan A offered by one insurance company will have the same basic benefits as a Plan A offered by another company, regardless of location. This simplifies the process of comparing Medigap plans as the main distinguishing factor between plans of the same letter category is their premium cost.
How Do Medicare Supplement Plans Work?
Medicare supplement plans work in conjunction with traditional Medicare. When you receive medical services, Medicare pays its share of the costs, and your Medigap plan covers the rest, depending on the plan you choose. For example, if you have Medicare Part A and B and a Medicare supplement Plan F, your Medigap policy will cover the 20% coinsurance that Medicare doesn’t cover for Part B services.
FAQs About Medicare Supplement Plans
Q: Do I need a Medicare supplement plan?
A: It depends on your individual needs and circumstances. If you have Medicare and need coverage for the out-of-pocket costs that Medicare doesn’t cover, a Medicare supplement plan may be right for you.
Q: When can I enroll in a Medicare supplement plan?
A: The best time to enroll in a Medicare supplement plan is during your six-month Medigap open enrollment period, which starts when you turn 65 and enroll in Medicare Part B. During this period, you have guaranteed issue rights, meaning that you can’t be denied coverage or charged higher premiums due to pre-existing conditions.
Q: How much do Medicare supplement plans cost?
A: The cost of Medicare supplement plans varies depending on the plan you choose and where you live. Factors that can affect the cost include your age, gender, and health status.
Conclusion
Medicare supplement plans can provide valuable coverage for out-of-pocket costs that traditional Medicare doesn’t cover. With ten different plans to choose from, it’s important to understand the benefits and costs of each plan to make an informed decision.
Need help? Call Health Plans in Oregon: 503-928-6918. Our assistance is at no cost to you.
*By completing this form, you agree that an authorized representative or licensed insurance agent may contact you by phone,email,text, mail or face to face to answer your questions or provide additional information about your Medicare plan options. Not affiliated or endorsed by Medicare or any state or federal governmental agency.
