Medicare Supplement Insurance

Did you know that most people are overpaying on their Medigap insurance? With rate increases happening every year with most companies if you don’t continually shop the premiums from the top companies you could end up paying substantially more every month for your Medigap insurance than you should.

You Can Change Your Medigap Plan at Any Time During The Year!

Most people think they have to wait until December’s enrollment period to change their plan. This isn’t true! Don’t end up paying extra each month thinking you cannot switch Medigap plans right now. Every company has identical benefits within each plan letter. Therefore you owe it to yourself to shop around and see which company has the best rates. Our FREE online quoting system allows you do to this!

Every Dollar Counts. Don’t Overpay for Medicare Supplement Insurance

Thank you for visiting Medisupps.com! We realize how confusing the Medicare process can be which is why we created this website to help you easily learn about all of your options. Learning about Medicare supplement insurance does not have to be difficult, and everything that you need to know to make the best decision when it comes to your Medigap coverage is right here on this website!

Call 888-891-0229 To See Which Rates You Qualify For

 

Who is Eligible for Medicare Supplement Insurance?

Anyone who has contributed to the Medicare System through their payroll taxes for at least 10 years, or 40 quarters, is able to receive Medicare benefits. Also people under the age of 65 who qualify for social security disability are eligible.

These people are eligible for Part A, B, and Part D Medicare which is also known as all original Medicare. People may also he lacked to enroll in a Medicare Advanta plan which is also called Part C Medicare.

 

What Do the Parts Cover?

Medicare Part A covers hospitalization as well as other services. These include:

  • Hospital care
  • Skilled nursing facility care
  • Nursing Home Care (provided aid is it simply custodial care)
  • Home Health Services
  • Hospice

Medicare Part B covers most doctor services that are medically necessary. It also covers:

  • Preventative care
  • Durable Medical Equipment
  • Hospital outpatient services
  • Lab tests and x- rays
  • Mental Health Care

Medicare Part D provides prescription drug coverage. You do not obtain this coverage directly through Medicare as it is offered by private insurance companies who contract with Medicare to offer the plans.

 

How Much Does Medicare Cost?

If you have worked and paid into the system for at least 40 quarters then you do not pay a premium for Medicare Part A. Anyone who is not reached the full payments for that time period may be eligible to obtain a Part A however there will be a premium.

Medicare Part B has a monthly premium that you must pay. This premium fees based on income.

 

Medicare Part B Premiums

 

Premiums for Medicare Part D drug plans can vary widely within each state. Visit Medicare.gov to see the different plans and premiums offered in your area.

How To Enroll in Medicare

If you are drawing a social security check prior to turning age 65 you will automatically be enrolled in Medicare Part A and Part B. You should be sent your card approximately three months before your 65th birthday. Coverage begins the first day of the month that you turn age 65. If you are born on the first of the month than your coverage will begin the first day of the previous month.

If you are not drawing a social security check when you turn age 65 you must enroll in Medicare yourself. If you are to continue working and have insurance for your employer then you have the option of opting out of Medicare Part B until you decide to retire and need it.

You may apply online by visiting http://www.ssa.gov/medicareonly/

Medicare Supplement Insurance 

Medicare supplement policies were created to help pay the gaps or expenses that Medicare Part A and B do not cover. Aside from deductibles that are not paid by original Medicare, there are other expenses such as hospital coinsurance as well as doctor’s services coinsurance (20%) that you are responsible for paying.

Some of the main gaps that a Medicare supplement plan can cover are:

  • The Part A hospital deductible – you’re responsible for paying a deductible if you are admitted into the hospital. In 2014 this deductible is $1184. Many people think that this is a one time or a annual deductible and it is not. This deductible is based on benefit periods of 60 days. This means if you are admitted to the hospital and then released and you stay out of the hospital for 60 days or more, that is considered one benefit period. If you are admitted again after that 60 day period you must pay this deductible again.
  • Part A hospital coinsurance – you are responsible for paying a coinsurance if you are in the hospital after a certain amount of days.

Day 61-90 – Cost $296 per day

Day 91 and beyond – Cost $592 for each lifetime reserve day after the 90th day of the benefit period.

  • Annual Part B Deductible – this deductible must be paid prior to Medicare Part B paying 80% of approved medical expenses. In 2014 this deductible is $147 and is paid once per calendar year.

Medicare Supplement Plans

Medicare supplement plans are separate insurance policies offered by private insurance companies. These plans were designed to some or all of the gaps that Medicare does not cover. They are also called Medigap plans. Currently there are 10 different plans available lettered A-N and they are standardized by the government. This means regardless of which insurance carrier is offering the plan, they must all contain the same benefits within each plan letter.

For example a Plan F from Mutaul of Omaha has identical benefits to a Plan F offered by Aetna. Although the benefits are the same, the premiums that each carrier charges are not. In fact there can be substantial differences in the monthly rates for the exact same coverage.

When To Enroll in a Medicare Supplement Plan

If you are just enrolling in Part A and Part B you have a six month time frame that is called the open enrollment period. During this time you may enroll in a Medigap plan and be guaranteed coverage regardless of any pre-existing conditions you might have. Therefore it is a good idea to start your Medicare supplement coverage the same day as your effective dates of Part A and B Medicare.

Anyone who chooses to opt-out of Part B Medicare due to having employer health coverage will still get this open enrollment period when they do a eventually enroll in Part B Medicare.

Please visit our learning center to help you understand the differences of each Medigap plan letter and to help you decide which coverage fit your needs the best. Once you decide on a plan than the next step is to get instant quotes online to compare the premiums from top companies in your area.

We can help you every step of the way to make sure you understand the coverage, as well as help you apply with the best company. We help make Medicare easy!