Within the vast field of Health Insurance, Medicare Supplements can be difficult to understand. Our goal is to help you understand this topic and clear up any type of confusion.
What is Medicare?
Before we go into Medicare Supplements, let’s make sure we have a clear understanding of Medicare. For those who don’t know, Medicare is health insurance for ages 65 +. Once you turn 65, you are eligible to apply for Medicare Part A and Part B during the open enrollment period (OEP). This takes place three months before you turn 65 and ends three months after you turn 65. You can click here to learn how to apply online.
Once your application has been processed you will receive a card in the mail. This card will allow you to apply for a Medicare Advantage or a Medicare Supplement. However, you must have Medicare Parts A and B in order to apply.
Supplements 101
Now that we have discussed a little about Medicare. Let’s talk about Medicare Supplements. A Medicare Supplement, also known as Medigap, is a privately-owned service that covers the difference between what Medicare cannot pay for on services. Supplement plans are only good for medical: MRI, CT Scans, etc. This could include deductibles, copayments, or something like coinsurance. It covers the fees that you would normally have to pay out of pocket.
Furthermore, you are responsible for paying monthly fees for the supplement itself, Part B Premium, and a prescription drug plan. A common misunderstanding with Medicare Supplements is that they cover prescriptions. However, this is not the case. You need a separate plan.
Estimate Costs:
- Medicare Supplement: ($105 to $300 / month)
- Part B Premium: $135 / month (< 80,000 annual income)
- Part B Premium: $185 / month (> 80,000 annual income)
- Prescription Drug Plan: $20 – $50 / month
With a supplemental plan, you can usually spend about $300 to $400 a month. We recommend supplements for customers who don’t like copays, getting bills in the mail, or are worried about upcoming expensive surgeries.
Benefits to Medicare Supplements
While Medicare Supplements can get a little expensive per month, they do have a lot of benefits. Supplements allow you to see any doctor, use any provider of your preference, and are not ended by any kind of network. They are good for traveling because you can go anywhere as long as the doctor or hospital accepts Medicare.
Your Medicare questions are important to us. We have nationally licensed insurance agents ready and waiting to help you. Call our Medicare Helpline and ask any question (888) 446-9157. Get a Medicare Supplement instant quote here.
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