Medigap Supplemental Insurance Plans

No one wants to pay more for something than they need to.  This is true of all things, Medicare included.  To avoid having to pay late enrollment fees when enrolling in Medicare and Medigap there are a few important dates to keep track of. Three months BEFORE you are to turn 65, you should start receiving information about Medicare’s open enrollment period .   The enrollment period lasts for the three months before, the month of, and for the three months after your 65 th birthday.  If participants enroll outside of this period, they are subjected to a late enrollment penalty. Enrollees should understand that there are several different late penalty fees that can apply.  If enrollment is delayed for Medicare Parts A, B, and D a late penalty fee can incur. Late Enrollment Penalty - Medicare Part A Most often participants automatically qualify and are enrolled in Medicare Part A when the patient turns 65.  Medicare Part A is premium-free health care....

Up until 2006, many Medigap plans included prescription drug coverage.  This is no longer the case.  Today if you would like prescription drug coverage you must enroll in Medigap Part D , prescription drug coverage. Medigap Part D provides individuals with prescription drug coverage.  In order to enroll in Medigap Part D you must be a participant in Medicare Part A and Part B.  Medicare Supplemental Insurance Part D coverage can be purchased by any private insurance company that is authorized by Medicare. Why do you need Medicare Supplemental Insurance Plan D, prescription drug coverage? Medicare Part B includes limited outpatient prescription drug coverage. It doesn’t cover most of the drugs that you need to get at the pharmacy.  Drugs that are needed as part of a daily regimen for chronic conditions such as high blood pressure require Medigap Part D to be covered.  Even if you do not use prescription drugs right now, you will have to decide about ...

The road to finding the perfect fit from a Medigap policy is long and hard.  With all the decisions that need to be made it is advisable for seniors to meet with a Medigap broker before choosing a plan to accompany your Medicare Part A and Part B insurance.  Below we have listed the top reasons that it is necessary to use a Medigap broker when looking for supplemental insurance. A Medigap Broker Offers a Centralized Location to Compare All Available Plans With more than 30 private insurance companies offering Medigap’s 10 available plans there is a lot to consider.  To make an educated decision a Medigap broker supplies you with a full list of plans and providers in your area and will help advise you based on price, customer ratings, the company’s reputation, and forecast for the future. Medigap Brokers Loyalty Lies with You, Their Customer Not the Insurance Provider Medigap brokers are only paid when you sign up for a plan.  No matter what insurance...

Medicare is a good basic health coverage program for the elderly, which helps eliminate some of the high cost of medical care. However, while Medicare covers a lot of the health care costs it does not cover all the costs which is where the Medigap insurance comes in. What is Medigap Insurance? Medigap insurance is insurance you buy from a private insurance company that is licensed to carry this type of insurance. Like other types of insurance, you pay monthly premiums to the insurance company for this additional insurance. In order to get Medigap insurance you must have both Medicare part A and part B but cannot have a Medicare Advantage policy or have a Medicare Medical Savings Account Plan. Your Medigap insurance premium must be paid in addition to the premium you pay for your Medicare part B. In addition, Medigap insurance only covers one person, so if both you and your spouse have Medicare and want Medigap insurance, you both must carry a policy, and both have to pay premi...

Medicare and Medigap are health insurance plans sponsored by the federal government.  Being regulated by the government means that there is not a lot of leeway.  Much of Medicare is standardized and is the same throughout the United States however, Florida is unique. The state of Florida is one of four states that allows the pricing of Medicare Supplemental Insurance Plans to be based on the age of enrollees.  “Issue Age” standard states that your Medicare Supplement rates cannot increase every year as you age.  The price can fluctuate because of normal inflation which on average is between three to four percent each year. Medicare enrollees also have the option to enroll in Medicare Advantage instead of Original Medicare and the addition of supplemental insurance.  Only 3 out of 10 Medicare participants choose Medicare Advantage.  Most participants choose this option especially when they are on a limited, fixed income.  The state of Florida has...

As people get older and become eligible for Medicare, they may be concerned about which parts of their health care costs will be covered and which parts they will be completely responsible for.  This is especially true when it comes to coverage for mental health, as those visits can become quite expensive over time. Medicare Part A does cover mental health care, but each inpatient service will require the patient to pay their deductible.  There is also a coinsurance charge for any days of hospitalization past sixty, and no one will receive benefits for over one hundred and ninety days of mental health hospitalization in their lifetime. Medicare Part B will cover outpatient mental health services, but there is a deductible that everyone is required to meet as well as copays.  However, one mental health screening is allowed each year at no cost to the patient. At this point, many seniors will be wondering how they will be able to afford to pay for their medical bills,...

When it comes to selecting the right Medicare plans it is important that you do your due diligence. With so many options out there, it is not hard to believe that so many seniors find out after they have made a mistake when choosing their Medigap plan . Unfortunately, once you sign up for a Medigap plan, you are locked in and have to wait an entire year to make any changes. This mistake could end up being very costly and is irreversible until the enrollment period begins next year. Not only could it cost a lot of extra money, but it could even cost you by not covering certain services that you or your spouse may rely on. 5 Common Mistakes Made Wen Choosing a Medigap Plan Taking advice strictly from television ads: Unfortunately, we all are exposed to the many advertising on television and on the radio regarding the Medicare plans. This is especially true during the enrollment periods and as the ending of the signup comes around every. The problem comes in when you listen to a ...