Medicare Supplements

Medicare Supplements Explained

Medicare Supplements are policies you can purchase in addition to Original Medicare. They help you cover the out-of-pocket costs from Medicare Part A and Part B. Medicare Supplements, also known as Medigap, can cover things like your copayments, coinsurance, hospice care, skilled nursing facility care, and more.

If you want to sign up for a Medicare Supplement plan, the best time to do so is during the six months following your enrollment in Medicare Part B. It is important to note that you cannot be enrolled in both a Medicare Advantage plan and a Medicare Supplement plan.

Benefits Of Medicare Supplements

Medicare Supplements can help you pay for a portion or all of the following expenses:

• Part A coinsurance and hospital costs
• Part B coinsurance
• Your first three pints of blood
• Part A hospice
• Skilled nursing facility
• Part A deductible
• Part B deductible
• Part B excess charges
• Foreign travel emergency

Costs Of Medicare Supplements

Each Medicare Supplement plan will have a different associated cost. These plans will come with monthly premiums, which you pay in addition to your normal Medicare Part A and Part B premiums. Plans K and L have an out-of-pocket limit which changes annually.

Available Medicare Supplement Plans

There are 10 available Medicare Supplement plans. These are lettered A, B, C, D, F, G, K, L, M and N. They range in level of coverage from basic to full coverage, with some plans offering 50 or 75% coverage for certain expenses.

Plans C and F are only available to people who became eligible for Medicare before January 1, 2020. That is because they cover the Part B deductible, coverage for which has been phased out.

Availability of Medigap plans may depend on the reason why you are eligible for Medicare. Nationally, private insurance companies are not required to sell Medicare Supplement plans to people under age 65. Different states have passed legislation to make certain plans available to people who are younger than 65 and eligible for Medicare because of a disability. Without this help, insurers can charge people under 65 higher premiums for the same policy.

Enrolling In A Medicare Supplement Plan

The time to enroll in a Medicare Supplement plan is when you are 65 or older and first enrolled in Medicare Part B. Once you are enrolled in Medicare Part B, you have six months to sign up for a Medicare Supplement plan, during which time you cannot be denied from purchasing a plan due to your pre-existing or current medical conditions. That privilege is known as Guaranteed Issue Rights. There are other circumstances that grant guaranteed issue rights, but these are specific and relate to losing coverage or deciding to switch from a Medicare Advantage plan during your first year of Medicare coverage (which is called trial rights).

Finding The Right Medicare Supplement Plan

With so many plans to choose from, you could use the expert guidance of an experienced Medicare guide. Contact Jones Insurance Group for help in finding the right Medicare Supplement plan.