Original Medicare beneficiaries are often concerned with the out-of-pocket costs they face when using their benefits. That’s why many choose to enroll in Medicare Supplement plans. These plans help cut down out-of-pocket costs, often making Medicare far less expensive to use.
If you aren’t sure whether you’re eligible for a Medicare Supplement Insurance plan, here’s everything you’ll need to know.
What Is Medicare Supplement Insurance?
Medicare Supplement Insurance, or Medigap, is a type of insurance policy that helps pay Medicare’s out-of-pocket costs. These costs include deductibles, coinsurance, copayments, and excess charges. Medigap plans are important because they can dramatically reduce the amount you need to spend to use your Medicare benefits.
Who Is Eligible For Medicare Supplement Plans?
Anyone who is currently enrolled in Original Medicare can purchase a Medicare Supplement Insurance plan. There is an exception; individuals who are under 65 may not be able to buy Medigap policies because federal law doesn’t require insurance companies to sell Medigap plans to people under 65. Be warned, you also cannot purchase a Medicare Supplement Insurance plan if you are enrolled in Medicare Advantage.
When To Enroll In A Medicare Supplement Plan?
The best time to enroll in a Medicare Supplement Insurance plan is during the Medigap Open Enrollment Period. This period begins automatically during the first month that you have Medicare Part B medical insurance and you’re age 65 or older. The period only occurs once in a person’s lifetime and it cannot be repeated.
During Medigap Open Enrollment, insurance companies aren’t allowed to use underwriting to decide whether they should accept your application. They are also required to provide you with the best available rate for any Medigap plan that you choose. If you choose not to leverage the Medigap Open Enrollment Period, you may not be able to purchase a Medigap policy. If you are able to purchase a Medigap plan later, you may be subject to much higher costs due to past or present health issues.
Find A Medicare Supplement Insurance Plan
There are ten standardized Medicare Supplement Plans to choose from, so don’t let yourself get confused by the options. Instead, contact Magellan Healthcare to get help selecting a plan that suits your specific needs.
You can reach us by calling 866-779-3553. If you’re interested, we will provide you with a free quote on Medigap coverage when you call.
