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Medicare Parts A and B have coverage limitations. A Medicare Supplement (Medigap) policy can help fill the gap by paying some of your remaining health care costs, such as out-of-pocket expenses, including co-payments, coinsurance, and deductibles. You can change Medigap coverage at any time. The federal government makes changes to your Medicare coverage every year, so it's important to understand if you are currently receiving all of the benefits for which you are eligible.Our Medicare Health Plan Updates brochure outlines any recent changes and explains the impact they could have on your benefits and out-of-pocket expenses. Be sure you have the plan best suited to your coverage needs by completing the form below for a free copy of our brochure and a no-obligation consultation with one of our qualified agents.
Why Medicare Supplement?
Medigap Supplemental Insurance Plans are designed to fill Medicare Part A and Part B coverage gaps. These plans are not connected with or endorsed by the U.S. Government or the federal Medicare program.
Cover Out-of-pocket Costs
Medicare Supplement Insurance is a form of private health insurance that helps cover certain Medicare out-of-pocket costs such as deductibles, copayments and coinsurance. Over 14.5 million Americans chose coverage under a Medicare Supplement plan in 2021.
Traditional Medicare
Traditional Medicare provides good basic health coverage, but it pays only about 80% of approved costs for hospitals, doctors, and medical procedures and usually doesn't cover prescription drug costs or such things as routine dental care.
Avoid Penalties & Gaps
To avoid penalties and gaps in coverage, most people should sign up for Medicare Part A (hospital insurance) and Part B (medical insurance) within the seven-month window that starts three months before the month you turn 65 to three months following your 65th birthday.
Features
Most Medicare Supplement plans have the following important features:FILLS THE GAPS
Medicare Supplement policies cover some of the healthcare costs that are not covered by Original Medicare.
CONSISTENT COVERAGE
As long as you pay your premiums, your Medigap policy is guaranteed to be renewable—it will automatically renew each year.
STANDARDIZED POLICIES
Insurance companies must sell "standardized" Medigap policies that follow Federal and state laws with standard terms designed to protect you.
EXTRA COVERAGE
Some policies will cover services that Original Medicare doesn't—like medical care when you travel outside the U.S.
COVERING COSTS
Medigap policies can help pay some of the remaining health care costs, like copayments, coinsurance and deductibles.
Affordable PLANS
Since Medigap policies are sold by private insurance companies and coverage is standardized, you can shop around for affordable costs.
As you approach age 65, it’s important to know which enrollment deadlines apply to your circumstances to avoid costly fines and gaps in coverage. Begin by checking on your eligibility. Most people should sign up for Medicare Part A (hospitals) and Part B (doctors) in the 7-month window that starts 3 months before the month you turn 65 to 3 months following your 65th birthday.
If you currently get Social Security, you will be automatically enrolled; if not, you need to sign up either online or at your Social Security office.
MEDICARE PART A
When you apply for Medicare, you're automatically enrolled in Part A which covers hospital stays, hospice care, and some skilled nursing care that you may need after being hospitalized. Most people don’t have to pay a premium for Part A because you’ve already paid into the system through Medicare tax deductions on your paycheck. However, Part A is not totally free. Medicare charges a sizable deductible each time you are admitted to the hospital. The deductible amount changes every year—in 2022 it's $1,556. When Part A coverage runs out, Medigap policies provide coverage for your deductible and some out-of-pocket costs for the other parts of Medicare.
MEDICARE PART B
If you're still working at age 65 and have insurance through a company with 20+ employees, you have the right to stay on your employer insurance and delay signing up for Part B until your coverage ends. If you work for an employer with less than 20 employees, it's important to ask your employer if you're required to sign up for Medicare and get that decision in writing.
MEDICARE PART C
Medicare Advantage (MA) is the private health insurance alternative to original Medicare. Advantage plans combine various parts of Medicare into a one-stop-shop insurance plan. If you decide to enroll in Medicare Advantage, you still have to enroll in Medicare parts A and B and pay the Part B premium. Then you will need to select a Medicare Advantage plan that works for you and sign up with a private insurer. Visit our Medicare Advantage page for more information on this type of coverage.
MEDICARE PART D
Choosing coverage for Part D prescription drug insurance is an important decision. If you don’t enroll in Part D insurance when you start Medicare and want to buy drug coverage later, you may be permanently penalized for signing up late. You can avoid the penalty if you have prescription drug coverage from an employer or union that will pay, on average, at least as much as Medicare’s standard prescription drug coverage. If you have this kind of drug coverage when you become eligible for Medicare, you are generally allowed to keep it and won't have to pay a penalty if you later decide to enroll in a Medicare prescription drug plan. Part D plans usually have premiums and other out-of-pocket costs—such as copays for each medication or a percentage of the prescription costs—and may have an annual deductible.