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...More Info About Medicare Supplement Plans
Medicare Supplement - also called Medigap - helps cover the costs that an original Medicare plan won't cover - like coinsurance, co-payments, and deductibles.
Supplement plans can only be used with original Medicare Part A and Part B plans. They can't help with cost gaps if you are enrolled in a Medicare Advantage plan. And a Medicare Supplement plan only covers you - it won't cover your spouse.
Medicare Supplement Plans
There are 12 standardized plans - A through L - that you can choose from. Each plan offers various basic and extra benefits. But the benefits in each plan won't vary from insurance company to insurance company. Meaning Plan L will always have the same benefits, no matter which insurance company you buy it from.
The only differences are the costs, such as how much your monthly premium will be - because each insurance company sets its own premiums. So it's important you choose a plan that fits your needs and your budget.
Medicare Select
Medicare Select is a Medicare Supplement plan that is generally less expensive than other supplement plans - but you can only receive care from specific healthcare providers. And Medigap Select plans can vary in benefits, so make sure you know what kind of coverage you're getting if you decide to go with a Select plan.
Enrollment
To get a Medicare Supplement plan you need to have Medicare Part A and B, and you have to pay the Part B premium - for 2006, it's $88.50. The best time to enroll is during the 6 month "open enrollment" period. If you are 65 or older, the open enrollment period begins when your Part B plan's coverage starts.
During open enrollment, an insurance company can't deny you a policy or delay your coverage. The only time they can delay coverage is if you have a specific pre-existing condition. And even then, certain circumstances will shorten your waiting period or waive it completely. Talk to your insurance agent to learn more.
But if you wait until after your open enrollment period to apply for a supplement plan, you could be denied coverage.
What To Expect With A Supplement Plan
A Medicare Supplement plan gives you more healthcare coverage. You will have an extra monthly premium, but in the long run you'll save more money. Your plan will take care of many costs that used to come out of your pocket under your original Medicare plan.
And usually, you won't have to change healthcare providers - so you can keep seeing your current doctors. But remember, if you get a Medicare Select plan you'll have to choose from a list of accepted doctors.
Find The Right Plan
Even though supplement benefits are the same with any insurance provider, you still need to explore your options. Be sure to look at all the 12 different types of Medicare's supplement coverage. And each company charges different premiums.
We can help you to make an informed and educated decision about your supplement needs. All you have to do is fill out a simple form and get free insurance quotes. We'll help you compare plans and choose the right one for your retirement.
