Medicare Supplements

Medicare Supplements help cover the out-of-pocket expenses of Part A and Part B. Each of the ten available plans can cover some or all of your copayments, coinsurance, deductibles, and more. The best time to sign up for a Medicare Supplement plan is during the six months after you turn 65 and are enrolled in Medicare Part B. Consult with Almond Insurance for help in finding the plan that fits both your needs and your budget.

What are Medicare Supplements?

Medicare Supplements, also known as Medigap, are policies that you can purchase to help cover your out-of-pocket costs from Part A and Part B healthcare. These plans have been standardized, so you will get the same coverage from the same plan type regardless of who sells it to you.

There are ten available Medicare Supplement plans: Plans A, B, C, D, F, G, K, L, M, and N. Each offers differing levels of coverage for your out-of-pocket expenses.

find the best plan

Coverage

Medicare Supplement plans can cover your Part A and Part B coinsurance, copayments, and deductibles. Depending on the plan you choose, you can have coverage for some or all of the following expenses:

  • Part A coinsurance and hospital costs
  • Part B copayments and coinsurance
  • Your first three pints of blood
  • Part A hospice care
  • Skilled nursing facility care
  • Part A deductible
  • Part B deductible
  • Part B excess charges
  • 80% foreign travel emergency care

It is important to note that the two plans that cover the Part B deductible, Plans C and F, are restricted to people who became eligible for Medicare before January 1, 2020. You can still purchase one of these plans if you became eligible before then.

Six of the plans cover 80% of your emergency care when you are in a foreign country. This is an important benefit to people who travel frequently because Medicare coverage does not extend outside of the U.S. except in specific circumstances.

Enrolling in Medicare Supplements

The optimal time to purchase a Medicare Supplement plan is during your Medigap Open Enrollment Period. This begins when you are 65 years old and enrolled in Medicare Part B. During the six months following your enrollment, you do not have to go through medical underwriting when you sign up for a Medicare Supplement plan. That means no insurance company can turn you away because of your past or present health conditions.

You may still be able to purchase a Medicare Supplement plan if you are under 65 and have Medicare due to a disability, but insurance companies are not required to sell you a plan. They may also charge you higher premiums for the same coverage as a 65-year-old.

You cannot have both a Medicare Advantage and Medicare Supplement plan.

Guaranteed Issue Rights

There are a number of other situations that can grant you eligibility to enroll in a Medicare Supplement plan. Insurance companies must sell you a policy and cover your pre-existing conditions without charging you more if you have guaranteed issue rights. If you fit into one of these circumstances, you qualify for guaranteed issue rights:

  • Your Medicare Advantage plan stops covering your area or you move out of the service area
  • You have Original Medicare and secondary insurance and the secondary coverage ends
  • You have Original Medicare and Medicare SELECT and move out of the SELECT’s service area
  • You joined a Medicare Advantage or PACE plan during initial enrollment and decide to switch during your first year
  • You dropped a Medicare Supplement for a Medicare Advantage plan and want to switch back within a year
  • You lose your Medicare Supplement coverage because the company went bankrupt or some other uncontrollable event happened
  • You leave a Medicare Advantage or Medicare Supplement plan because the company didn’t follow the rules or deceived you

I understand how important it is to choose a Medicare Supplement plan that works for you. That’s why I am here to make sure you are aware of all your choices and can make an informed decision on your healthcare.

If you are in the Northern Illinois area and are interested in your options, don’t hesitate to give me a call today at 815-494-4399.