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Frequently Asked Questions
What is Medicare Supplemental Insurance (a.k.a. Medigap)?
When an American citizen turns 65 years of age, they have the option to enroll in Medicare (they may also qualify before the age of 65 if they are eligible for disability benefits). Basic Medicare, which includes Parts A and B, cover most of your basic hospital and doctor expenses, respectively. Unfortunately, "most" does not mean "all". The expenses which Medicare does not cover - sometimes referred to as "gaps" in coverage - are what Medicare Supplemental insurance protects you from. It is a private plan designed to cover the medical expenses where Traditional Medicare falls short of the mark.
Who is Eligible for Medicare Supplemental Insurance?
If any of the following scenarios apply to you, then you are already guaranteed "eligible" to purchase Medicare supplemental insurance:
- You are currently covered under Medicare Parts A & B
- You are within 6 months of turning 65
- You are within 6 months of receiving Part B coverage
- If you are about to lose your group health insurance plan
Please note that you may still be required to answer some medical questions about your overall health and wellness. For further clarification, or if you have any questions, please do not hesitate to contact us at 8. Give us a call today.
When Can I Sign Up for Medicare Supplemental Insurance?
Based on the convoluted rules of Medicare enrollment, many seniors mistakenly believe that signing up for Medicare Supplement is similarly complicated. The good news is that you can sign up for Medigap insurance at any time. However, there are some "sweet spot" time frames which, if you apply during those opportunities, will make the process much easier:
- The Initial Enrollment Period. During your first 6 months of Part B coverage, your acceptance is guaranteed, regardless of your current level of health
- The "Guaranteed Issue" Period. If you are on the verge of losing coverage through an employer, you will have a "guaranteed issue" period lasting 63 days where you can purchase any Medicare Supplemental policy with no health questions asked.
If you apply for Medicare supplement at any point outside of these time frames, you will likely have to go through the complicated process of medical underwriting and answering lots of invasive health questions. To learn more, and to get help going through the process, call us today at 8.
Who Purchases Medicare Supplemental Insurance?
It doesn't matter whether you're struggling to get by, on a fixed income, or enjoying incredible wealth in your golden years - all seniors from all walks of life can benefit from a Medicare supplement insurance policy. Medicare provides standard coverage to every beneficiary, regardless of income. What it does not provide, however, is 100% coverage of your medical costs. Therefore, the more vulnerable you are to the gaps in Medicare coverage, the more you can benefit from the protection of a Medigap policy.
What Is The Difference Between Medicare Supplement Insurance & Medicare Advantage Plans?
A Medicare Supplement Insurance Plan and a Medicare Advantage Plan are two very different types of insurance that many individuals confuse as being the same. It is important to understand what each plan is and is not in order to purchase the best coverage for your needs. Put simply, a Medicare Supplement Insurance plan is a secondary insurance plan sold by private insurance companies. This plan type is designed to fill in the “gaps” left by original Medicare A & B. Again, Medicare does not cover 100% of everything, and so it is important to purchase a Medicare Supplement to fill those gaps. On the other hand, a Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare. Medicare Advantage Plans provide all of your Part A and Part B benefits. If you enroll in a Medicare Advantage Plan, most Medicare services are covered through the plan. Medicare services are not paid for by Original Medicare. Most Medicare Advantage plans offer prescription drug coverage.
When Can I Sign Up For Medicare Supplement Insurance?
Many people are under the misperception that you can only sign up for a Medicare Supplemental Insurance plan at certain times throughout the year–this is not true. In fact, you can actually sign up for a Medicare Supplement Plan at any time throughout the year. However, there are some timeframes to be aware of. 1) There is the “Initial Enrollment Period” which is a one time only opportunity lasting 6 months from when you initially get Medicare Part B. During this 6 months, you can purchase any Medicare Supplement Plan through any company with guaranteed acceptance–regardless of your health. 2) If you are losing insurance coverage through an employer or in a similar situation, you may be eligible for a “Guaranteed Issue” period lasting 63 days, in which you can purchase a Medicare Supplement Insurance–again with no health questions asked. 3) The final way to purchase a Medicare Supplement Policy is simply to answer the health questions and go through medical underwriting.
Who Purchases Medicare Supplement Insurance?
Individuals from all walks of life can find Medicare Supplement Insurance to be a major benefit. Whether you are on a very low income, a low to moderate fixed income (like most seniors), or are wealthy–Medicare Supplement Insurance can be a great choice. One of the main reasons why it doesn’t matter your income as much is because Medicare’s coverage is standard–regardless of your financial status. Whether you are a low income or a multi-millionaire, you still have a strong need to protect yourself from the large gaps leftover by Medicare. If Medicare Part B only covers 80% of your medical expenses, it will always be important to have insurance to cover the remaining 20%.
Where Do I Purchase Medicare Supplemental Insurance?
You, as a consumer, have a variety of options. While some prefer to look up nearby agents in their local Yellow Pages, the truth is that you'll get the best deal by doing your research and shopping around online. With the power of the internet, you can get more and better offers from several major companies who are all competing for your business.
You could contact each and every individual agency by yourself and spend hours filling out the same redundant online forms for quotes, or you can let us do all of the busy work for you. Compare multiple plans, prices, and agencies by filling out our one, simple online quote form today. We can help you get the best possible deal on virtually any available Medicare supplement policy.
Important Fact: How To Save Money!
All 10 Medicare Supplement Plans are standardized by Medicare, meaning coverage and benefits are identical between companies. Price is the only difference. Our best advice is to compare plans online and save!
