Medicare supplemental insurance, sometimes referred to as “MediGap” policies, are designed to fill the ‘gaps’ not covered by Medicare, such as your copays and deductibles. You must have original Medicare Plans A & B, rather than a Medicare Advantage plan, to be eligible to purchase Medicare Supplements.
The Parts of Medicare
Social Security enrolls you in Original Medicare (Part A and Part B).
- Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or limited time at a skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care.
- Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.
Other parts of Medicare are run by private insurance companies that follow rules set by Medicare.
- Supplemental (Medigap) policies help pay Medicare out-of-pocket copayments, coinsurance, and deductible expenses.
- Medicare Advantage Plan (previously known as Part C) includes all benefits and services covered under Part A and Part B — prescription drugs and additional benefits such as vision, hearing, and dental — bundled together in one plan.
- Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs.
Most people age 65 or older are eligible for free Medicare hospital insurance (Part A) if they have worked and paid Medicare taxes long enough. You can sign up for Medicare medical insurance (Part B) by paying a monthly premium. Some beneficiaries with higher incomes will pay a higher monthly Part B premium.
When should I pick a plan?
Depending upon your state, eligibility begins for Medicare Supplement enrollment on the first day of the month in which you will turn age 65, but you must enroll in Medicare Part B first. However, in certain states, you can buy a plan on the day you enroll in Medicare Part B, even if you are not 65 years old yet.
Which Medicare Plan is best?
Choosing the right Medicare supplementals requires careful analysis of your current health situation. ArielQuotes offers licensed health insurance agents who specialize in Medicare insurance to help.
