New Medicare Plan is Saving Seniors Thousands This September
What does a Medicare Supplement plan cover?
Medicare Supplement, or Medigap, plans are designed to help cover out-of-pocket costs not paid by Original Medicare, such as co-payments, co-insurance, and deductibles. Each Medigap policy must follow federal and state laws designed to protect you and must be clearly identified as "Medicare Supplement Insurance." There are 10 different Medigap plans labeled A through N, each offering different levels of coverage, but every lettered plan will offer the same standardized benefits regardless of the insurance company and location.
When can I enroll in a Medicare Supplement plan?
The best time to enroll in a Medigap plan is during your Medigap Open Enrollment Period, which is a six-month period that begins on the first day of the month in which you're both 65 or older and enrolled in Medicare Part B. During this period, an insurance company can't use medical underwriting, meaning it can't refuse to sell you any Medigap policy it offers, make you wait for coverage to start, or charge you more for a Medigap policy based on your health.
Can I use a Medicare Supplement plan with any doctor?
Yes, you can use a Medicare Supplement plan with any doctor or healthcare provider that accepts Medicare. Unlike Medicare Advantage plans, which often limit you to a network of doctors and hospitals, Medigap plans offer the flexibility to see any provider accepting Medicare nationwide, making them a good choice for beneficiaries who travel frequently or have doctors in different areas.
Does Medicare Supplement cover prescription drugs?
Medicare Supplement plans sold today don't cover prescription drugs. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D), offered by private companies approved by Medicare. However, if you were lucky enough to purchase your Medigap policy before 2006 (when some Medigap policies included prescription drug coverage), you could still have this coverage.
How much does a Medicare Supplement plan cost?
The cost of a Medicare Supplement plan can vary widely depending on factors such as the specific plan type, the insurance company, your location, and your age. Generally, Medigap plans use one of three pricing methods: community-rated (same monthly premium for everyone), issue-age-rated (based on your age when you buy), and attained-age-rated (based on your current age, increasing as you get older). It's best to contact individual insurance companies for precise rates.