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Medicare Supplements Insurance Quote Forms
Medicare Supplements Insurance Information
Original Medicare coverage helps pay for crucial medical expenses for eligible recipients, but there are out-of-pocket costs. Medicare supplements, also called Medigap plans, are optional, and are designed to help pay for remaining healthcare costs for covered supplies and services.
Contact Anthony Mercado Agency in Orwigsburg, Pennsylvania, to learn more about your Medigap options.
What Does Medicare Supplement, or Medigap, Mean?
While Original Medicare, which includes Part A (hospital insurance) and Part B (medical insurance), covers the costs of many common healthcare services, recipients may have to pay deductibles, copayments and coinsurance. Medigap plans help pay for some of those costs and may reduce a covered individual’s total out-of-pocket costs.
How Does Medicare Supplement Insurance Work With Medicare?
Original Medicare recipients can sign up for a Medigap plan through a private insurance company. Medigap plans, named A-D, F, G and K-N in most states, are standardized. While each plan offers the same coverage in most areas of the country, premiums may differ depending on the insurer you choose.
If you sign up for a Medigap plan, you receive the coverage in addition to Original Medicare. Unlike Medicare Advantage plans, which replace Original Medicare coverage, Medigap plans work to reduce your out-of-pocket expenses after Medicare pays its share of your medical bills.
What Does Medicare Supplement Insurance Cover?
Medicare supplement insurance plans provide a wide range of coverage. Some plans provide coverage for additional medical costs not covered by Original Medicare, including medical care when traveling outside of the United States and blood required for a transfusion (first three pints).
Depending on the plan you choose, the benefits of a Medigap plan may include the following:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- Part A hospice care coinsurance or copayment
- Skilled nursing facility coinsurance
- Part A deductible
- Part B deductible
- Part B excess charges
Medigap plans do not cover prescription drugs. You can sign up for Medicare Part D (prescription drug coverage) during your Medicare open enrollment period. If you forgo Part D coverage and want to sign up later, you may pay a penalty.
Talk with your agent to understand how your Medigap choices may impact your future out-of-pocket healthcare costs.
Who Is Eligible for Medicare Supplement Insurance?
Those eligible for Original Medicare can purchase a Medigap plan as soon as they have Part A and Part B coverage. The Medigap open enrollment period begins the first month you have Part B coverage if you are 65 or older and lasts six months.
The Medigap open enrollment period allows Medicare recipients to purchase a Medigap plan without going through medical underwriting, so even if you have health problems, your policy premiums would be the same as someone in good health.
If you want to purchase a Medigap policy outside of the open enrollment period, the insurer can require you to go through medical underwriting. You may pay more for a Medigap policy due to past and present health conditions.
How to Get Medigap Coverage
Contact Anthony Mercado Agency today to get Medigap quotes and explore your coverage options for out-of-pocket healthcare costs with Medicare.