Medigap Supplemental Insurance Plans

2019 is bringing on some big changes in the world of Medicare.  If you are a Medicare enrollee it is important to take note of the changes.  This will help make sure you are getting the coverage that you need.  Medicare has been around for over 53 years but that doesn’t mean that it stays the same from year to year.  Each year it is important to review your Medicare coverage . Open Enrollment Changes Medicare Advantage Plans will have an open enrollment period between January 1 – March 31.  At this time participants will be able: Drop Medicare Advantage and return to Original Medicare Change from one Medicare Advantage Plan to another Advantage Plan Enroll in or drop Medicare Part D, standalone prescription drug coverage Closing the Gap in Medicare Part D Medicare Part D, prescription drug coverage requires seniors with high prescription drug costs to pay more for medication once they have reached a certain dollar amount spent each year.  There ...

There are many changes coming to the world of Medicare in 2019 .   Most of these changes will involve coverage in Medicare Advantage and Medicare Part D.  From more health care plans to choose from to lower premiums and added benefits now is a good time to start reviewing your current plans and future options. An Increase in Medicare Advantage Plan Choices In 2019 Medicare expects to see an increase of upwards to 600 new Medicare Advantage plan options varying between locations.   More than ninety percent of Medicare enrollees will have the option of ten or more Medicare Advantage plans to choose from in their area.  Medigap Plan D, prescription drug coverage is also upgrading and offering Plan D business plans in 2019. Medigap Plan D, Prescription Drug Coverage, Premiums Decrease Enrollees in Medigap Plan D can expect to see a decrease in plan premiums by $1 a month in 2019.  It is important to remember that when looking at coverage there is more t...

Are you enrolled in Medigap?  Do you turn 65 soon and know you will be applying for Medicare and enrolling in a Medigap policy?   If so it is important to note that two of the most popular Medicare Supplemental Plans will no longer be available to enroll in.  Medigap Plans F and Plans C are being discontinued as an enrollment option as of 2020. Medigap insurance is purchased to cover the medical expenses that are not covered under Original Medicare.  Believe it or not Medicare Insurance doesn’t cover 100% of copayments or deductibles and also has limitations to what it will cover.  Private insurance companies offer Medigap plans, also known as Medicare Supplemental Insurance Plans , were created to fill in these voids.  Currently in 2018 there are 10 different Medigap plans available.  Each of the ten plans offers a different combination of insurance benefits.  This allows participants to decide the combination of benefits that is right for th...

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...