Medicare Supplement Insurance
What is a Medicare Supplement Plan?
Medicare Supplement Insurance, also known as a Medigap Plan, is offered by private insurance carriers to help bridge the “gaps” in Original Medicare coverage. While Original Medicare covers a significant portion of healthcare costs, it doesn’t cover everything. A Medicare Supplement Plan can assist in covering copayments, coinsurance, and deductibles that are not covered by Original Medicare.
To be eligible for a Medicare supplement plan, you must be enrolled in both Medicare Part A and Part B. Enrollment in Medicare can be done at your local Social Security Office or online through Social Security’s website. A Medigap policy supplements original Medicare benefits provided by Part A and Part B. With Medigap policy it is required to enroll in a prescription drug plan (PDP).
Original Medicare
Medicare is a government-funded healthcare program designed to cover medical expenses, including doctor visits, hospitalization, and surgical procedures.
The majority of individuals in the United States become eligible for Medicare when they turn 65 years old. Eligibility is based on meeting specific criteria, including having worked a sufficient number of hours and making required payroll tax contributions throughout one’s lifetime. Those who do not meet these requirements can still enroll in Medicare but may be subject to higher premiums.
Medicare is Divided Into Four Parts:
- Part A: Covers hospitalization and certain skilled nursing services.
- Part B: Covers out-of-hospital expenses.
- Part C: Refers to Medicare Advantage Plans.
- Part D: Pertains to Prescription Drug Plans.
Individuals enrolled in Medicare Parts A and B often opt to purchase either a Medicare Supplement or a Medicare Advantage Plan to assist in covering expenses that Medicare does not fully cover.
Medicare Supplement Plans
Medicare Supplement Plan FAQs
The service we offer you is entirely "complimentary". When you apply for a Medicare Supplement Insurance policy, we receive compensation directly from the insurance company for our service.
You have the option to apply online for enrollment in Medicare Parts A & B on this website. Alternatively, you can reach out to the general Social Security local phone number at (866)964-1236.
Medicare Supplement Insurance, also known as MediGap, serves as a secondary form of insurance that individuals on Medicare can acquire to address the gaps in coverage that exist within Medicare. Medicare covers only a portion of healthcare expenses, and without a Medicare Supplement Insurance Plan, individuals may face significant out-of-pocket expenses, potentially totaling hundreds or thousands of dollars, when accessing healthcare services.
No, Medicare Supplement prices are standardized by law. Regardless of how you enroll or purchase a policy, the insurance company charges the exact same price.
Correct. Once your new Medicare Supplement Policy is approved, you can typically expect to receive your new policy ID cards in the mail within 1-2 weeks.
By signing up for your Medicare Supplement Policy through an independent broker like myself, you'll receive superior customer service compared to other options. The vast majority of policies we handle are Medicare Supplemental Insurance, allowing us to stay updated on all the latest changes and updates that our clients need to know. We're committed to providing immediate customer support if you encounter any issues or have questions about your policy.
No, as an independent broker, our allegiance lies with you, not the insurance companies. We represent the majority of Medicare Supplement Companies and do not favor any specific one. Our objective is to thoroughly evaluate all plans and companies to secure the best Medicare Supplement Plan for you at the most competitive price.
The ideal timing for applying for a new policy depends on your individual circumstances, but we typically advise applying approximately 2-3 months before you need coverage to begin. After completing the application for a new Medicare Supplement Policy, it must be submitted to the insurance company for underwriting. This process typically takes a few weeks, depending on the time of year.
A Guarantee Issue Period grants you the opportunity to purchase Medicare Supplement Insurance without needing to answer any health questions, ensuring you receive coverage guaranteed. There are various scenarios in which you may qualify for a guarantee issue period, such as retiring and losing group health insurance, termination of your previous health insurance plan, relocating out of state or outside your plan's service area, and more. These are just a few examples of why you might be eligible for "Guarantee Issue" status, including your initial enrollment in Medicare Part B or during your birthday month.