Medicare supplement insurance is often referred to as a “Medigap” plan. In other words, it is an additional insurance plan that covers the “gap” in services rendered using your Original Medicare Part A & B coverage. It is important to note that while Medicare supplement plans can help to defray extra costs, they will not provide coverage for prescriptions.
If you are a senior (age 65+) or a disabled citizen already enrolled in Original Medicare Part & B, you may qualify.
In total, there are ten Medicare supplement insurance plans. Each plan is lettered (A, B, C, D, F, G, K, L, M and N). However, not every plan is available in every state. It is also important to note that all Medicare supplement insurance plans are separate from Original Medicare plans. Medicare supplement plans are sold by private insurers, you must consult an insurance agent about the coverage provided. Again, not all states hold all plans, nor are those states required to do so.
One of the issues with Original Medicare is that it does not cover costs accrued outside the country. Fortunately, there are some Medigap plans that do. If you encounter a medical emergency within the first 60 days outside the country, your Medigap plan will handle 80 percent of your costs.
You should always apply for a Medicare Supplement insurance policy during the ‘window.’ This refers to your six-month “open enrollment” period and will qualify you for guaranteed issue. The window starts the month you become age 65 or upon your Medicare Part B effective date. You must already be enrolled in Medicare Part B at that time. If you do not apply during your window, you may be subject to a process known as underwriting. During this process, you may be denied supplement coverage based on previous or current health conditions. At CHERMOL INSURANCE SOLUTIONS, we offer a variety of options for Medicare supplement. Simply consult one of our agents to assist you in applying for coverage.