Original Medicare combined with a Medicare Supplement offers extensive coverage. The key difference is that with a supplement, you can see ANY doctor who accepts Medicare, eliminating the need to verify if your specific insurance plan is accepted.

Medicare Supplements

Medicare Supplement plans, also known as Medigap plans, assist people in covering the out-of-pocket expenses that original Medicare doesn’t pay. To purchase a Medicare Supplement, you must be enrolled in both Medicare Part A and Part B.

There are 10 standardized Medicare Supplement plans available, each offering consistent coverage regardless of the insurance carrier you choose. Currently, these plans provide support to about 10 million Medicare beneficiaries, making them a popular option for those seeking minimal or no co-pays when accessing healthcare services.

Many new Medicare recipients are surprised to learn that Medicare only covers 80% of Medicare Part B expenses. The remaining 20% can pose a significant financial burden, especially in the event of a serious illness. By selecting a Medicare Supplement plan, you can cover some or all of that 20%, providing crucial financial protection. Essentially, Medicare Supplement insurance offers peace of mind by eliminating your cost-sharing responsibilities.

Things To Know

Medicare typically covers 80% of expenses, and your Medigap plan can cover some or all of the remaining 20%, depending on the plan you choose. This means significantly lower out-of-pocket costs. For instance, a person with Plan G supplement won’t face repeated co-pays for doctor visits as they might with a Medicare Advantage plan.

But it's important to note that Medicare Supplement plans do not include prescription drug (Medicare Part D) coverage, so you will need to purchase a separate Part D policy for prescription drugs. 

Common Questions About Medicare Supplement Insurance

Navigating Medicare can feel overwhelming, especially when it comes to understanding supplemental insurance. If you’ve got questions, you’re not alone! Let’s tackle some common inquiries in a friendly way.

  • So, how much does a Medicare supplement plan actually cost? Well, it varies quite a bit depending on where you live. For instance, in states like Florida, premiums can be higher due to the overall cost of healthcare. Imagine this: a Plan G for a healthy, non-tobacco-using woman turning 65 might run about $100 a month in Texas, but could easily double in Florida!

    Remember, pricing also considers your gender, zip code, age, and whether you use tobacco. Plus, some folks can snag household discounts. Want to know the cost in your area? Just give us a call at (407) 647-3981!

  • When you first activate Medicare Part B, you have a golden window of 6 months to sign up for any Medicare Supplement plan without worrying about health questions. This is known as the Medicare Supplement Open Enrollment Period—your one-time chance to get coverage with no pre-existing condition waiting periods.

    A quick heads-up: the Annual Election Period (AEP) in the fall is for changing your Part D drug plan, not for Medicare Supplements. So, keep those timelines straight!

  • Good news—you can apply to switch your Medicare Supplement plan whenever you like! But if you’re outside your Open Enrollment window, be prepared to answer some health questions in most states. The insurance company will review your health and medication history, and they can accept or decline your application.

    Some states, like California and Oregon, have unique rules that make switching a bit easier. So, we’ll check what applies in your area!

  • Now, let’s talk about “guaranteed issue.” This means there are certain situations where an insurance company must accept you without asking health questions. For instance, if you lose Medicaid coverage or if you’re coming off employer health coverage that’s primary to Medicare, you’ll have a short window to apply without any health scrutiny.

  • Here’s the deal: while supplemental insurance is optional, going without it can lead to some hefty out-of-pocket expenses. Without coverage, you’d be on the hook for hospital deductibles, copays, and 20% of outpatient costs—think surgeries and chemotherapy. Ouch!

    If a Medicare Supplement seems a bit pricey, consider looking into a Medicare Advantage plan, which typically has lower premiums but requires you to stick to a local provider network.

Find the Right Medicare Supplemental Insurance

Buying directly from an insurance company might seem straightforward, but it can mean missing out on valuable benefits. When you choose to purchase through Senior Insurance Plans, you get all this at no extra cost

  • Clear explanations of your basic benefits

  • Quotes from all the trusted companies available in your area

  • Annual rate shopping assistance

  • Free guidance to help with claims, pre-authorizations and Medicare appeals

We’re always available to help you, your family and friends with any health insurance needs.

Key Takeaways

  • Medicare Supplements help cover those pesky out-of-pocket expenses

  • There are ten standardized plans, with F, G, and N being the most popular

  • You can use your Medicare Supplement anywhere that accepts Medicare

  • Remember your one-time Open Enrollment period to apply without health questions

If you have more questions about Medicare Supplements, don’t hesitate to reach out. We’re here to help you make the best choices for your health and budget! Medicare coverage with confidence, not confusion!