Before we venture into this topic, please make sure to remember to always consult the Medicare.gov site in order to make sure your information is accurate and up to date. This article is for those who have qualified for Medicare, have decided against Medicare Advantage and want to explore the various Medicare Supplement (Medigap) insurance plans. Comparing the Plans Medicare Supplement insurance plans are standardized across companies (the same letter must cover the same basic benefits). The pricing, however, can differ significantly. Premiums are community-rated or (not-age-rated), issue-age-rated (entry-age-rated), or attained-age-rated (premium is based on your current age and goes up with age). There are many supplemental plans (see table below). Generally, the more comprehensive the plan, the higher the deductible. Here is what the plans cover (from Medicare.gov on Sept. 30, 2022): * Plans F and G also offer a high-deductible plan in some states. With this option, you must pay for Medicare-covered costs (coinsurance, copayments, and deductibles) up to the deductible amount of$2,490 in 2022 before your policy pays anything. (Plans C and F aren't available to people who were newly eligible for Medicare on or after January 1, 2020.) ** For Plans K and L, after you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year. *** Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don't result in inpatient admission. (Medicare.gov) Please visit: https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies?fbclid=IwAR1_meEUIPOqF8EMorecS-OPt4ifj3JqDHMdOv5dHFIp1QoxodleCMRHRgs Why Apply During Open Enrollment If you have Original Medicare and meet the qualifications, you may apply for a Medicare Supplement insurance plan at any time. The insurance company, however, may use medical underwriting to evaluate your application if you have missed your open enrollment window. Pre-existing conditions could be used to charge you a heftier premium or deny coverage. To avoid medical underwriting, apply for Medicare Supplement insurance plan during your 5-month Medigap Open Enrollment Period. This period automatically starts the first month you have Medicare Part B (Medical Insurance) and you're 65 or older. "If you have group health coverage through an employer or union because either you or your spouse is currently working, you may want to wait to enroll in Part B. Employer plans often provide coverage similar to Medigap, so you don't need a Medigap policy. When your employer coverage ends, you'll get a chance to enroll in Part B without a late enrollment penalty. That means your Medigap open enrollment period will start when you're ready to take advantage of it. If you enrolled in Part B while you still had the employer coverage, your Medigap open enrollment period would start. Unless you bought a Medigap policy before you needed it, you’d miss your open enrollment period entirely." (medicare.gov) Review further: https://www.medicare.gov/supplements-other-insurance/when-can-i-buy-medigap?fbclid=IwAR1KdfxL8W8u0TsbRlfwgf63lXpHrbrHCHgjljhr3bpJx9XaONUWmE4UJ4o You can join, switch or drop a plan from October 15 to December 7. Your coverage will begin on January 1. Read Understanding Medicare Advantage and Medicare Drug Plan Enrollment Periods Legal Disclaimer: The product and service descriptions, if any, provided on these pages are not intended to constitute offers to sell or solicitations in connection with any product or service. All products are not available in all areas and are subject to applicable laws, rules, and regulations. This website and its contents are for informational purposes only. Nothing on the website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine. |
Legal DisclaimerThe product and service descriptions, if any, provided on these pages are not intended to constitute offers to sell or solicitations in connection with any particular product or service. All products are not available in all areas and are subject to applicable laws, rules, and regulations. Archives
January 2023
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