Why are your Medicare Supplement plans important? Doesn’t Medicare cover most things?
The federal government’s Medicare program has helped protect people ages 65 and older (and others younger than 65 who meet special requirements) for decades. But Medicare’s coverage is limited in many ways. Plus there are sizeable deductibles that must be paid each year. This is why supplemental coverage, drug coverage and other protection “add-ons” can be a valuable financial safety net.
What is Part A, B, C and D? And under which one of those is Medicare Supplement coverage?
These are the categories of coverage set up by Medicare. In brief:
- Part A helps cover inpatient care in hospitals, skilled nursing facility care, hospice care and home health care.
- Part B helps cover services from doctors and other health care providers, outpatient care, durable medical equipment and some preventative services.
- Part C is known also as “Medicare Advantage” coverage. It is a form of coverage run by Medicare-approved private insurance companies, and people who choose a Part C plan typically have to use a network of providers to receive maximum benefits. A Part C plan includes services covered by Part A and Part B.
- Part D is Medicare prescription drug coverage. It helps cover the cost of prescription drugs, and the plans are run by Medicare-approved private insurance companies.
Medicare Supplement coverage helps cover the costs not paid by Medicare under Parts A and/or B.
For comprehensive information about Medicare coverage, please click here for the government’s official guide, Medicare & You.
Who is your provider network?
For our four Medicare Supplements, no networks are required. People with these plans are free to choose their own providers who accept Medicare.
What is the Medigap Open Enrollment Period?
Each individual who is eligible for Medicare gets one Medicare Supplement Open Enrollment Period in their lifetime. This Open Enrollment Period starts on the 1st day of the month in which you are both age 65 or older and enrolled in Medicare Part B, and lasts for 6 months. During this time period, you can enroll in any Medicare Supplement with no health questions asked and you’re guaranteed acceptance. There are also some other situations when you may be eligible for a guaranteed issue right.
If you are not eligible for a guaranteed issue right, your application could be rejected or you may be charged a higher premium rate based on your current health status.
If you’d like more information, call your local Medicare Plan Specialist (get started from find a Medicare Plan Specialist tool)
Would you like to attend a Medicare Made Easy Seminar?
Classes are open to the public and will be held at locations across the state. No products will be sold here; it’s strictly educational. Seating is limited, so please RSVP to reserve your spot.