Health coverage is essential to have. Some may put off enrolling in a health insurance plan when they are healthy. This is not recommended. As you age, unforeseen medical expenses may arise. Without health insurance, you will not have the needed coverage. As a senior, Medicare is your health insurance. Unfortunately, it does not completely cover all your medical expenses. You will need a Medicare supplement plan to receive full coverage.
You must first understand what Medicare covers to understand Medicare supplement plans. Right before age 65, you can enroll in Medicare Part A, Part B, and Part D. You also have the option to enroll in Medicare Part C (Medicare Advantage), but you would not be able to get a Medicare supplement plan. Over time, individuals typically save more money with a Medicare supplement plan over Medicare Advantage.
Medicare Part A covers your hospital inpatient needs. If you need to stay in the hospital for any reason, Medicare typically covers 80% of the charges associated with your inpatient stay.
Medicare Part B covers your outpatient needs. This is used for all out-of-hospital expenses such as doctor visits. If you need a checkup or routine exam, you would be using your Part B benefits as coverage.
Medicare Part D covers your prescription drugs. It is essential to have this coverage, especially if you take prescription drugs. Even if you do not currently take any prescription drugs, you might still want to enroll in the lowest-cost Part D plan in the event that you need any prescription drugs in the future. You never know when you may need it, even if you are healthy.
Medicare covers many of your expenses, but you are still responsible for costs that Medicare doesn’t cover. This can leave you with multiple expenses piling up, leaving you to pay for a large chunk of your health expenses. This is where a Medicare supplement plan comes in handy. It can cover all the gaps in Medicare.
Medicare Supplement Plan Coverage
Medicare supplement, or Medigap plans, fill the gaps in Original Medicare. Medigap plans are private insurance plans. They are the same from company to company because the government standardizes each plan. This means that the same plans will cover the same gaps in your Medicare coverage. For example, certain Medicare supplement plans will cover the full remaining 20% of costs left after Medicare pays their 80%.
Without a Medicare supplement plan, you might also be responsible for Medicare Part A and B excess charges and deductibles. Certain Medigap plans will completely cover these charges, leaving you with nothing to pay out-of-pocket.
There are ten available Medicare supplement plans. Of these plans, Plan F, Plan G, and Plan N are the most popular. They are highly favored because they are the most comprehensive of all the Medicare supplement plans. These plans usually cover all the gaps in your Medicare coverage, including all coinsurances, deductibles, and excess charges.
A Medicare supplement plan is one of the best ways to protect yourself in the event of a medical emergency. The money you have saved for retirement could quickly dissipate if you were in a situation where you were left responsible for all of your deductibles, coinsurance, and excess charges.
It is important to know when to buy a Medicare supplement plan to ensure you get coverage as quickly as possible.
When to Buy a Medicare Supplement Plan
You can buy a Medicare supplement plan during your Medigap Open Enrollment period. This period is different for every person, but every person only gets one. It starts the day your Medicare Part B becomes active and lasts for six months. This period will typically end near your 65th birthday.
The best time to buy your plan is during this period. In this time frame, insurance companies cannot deny you for pre-existing health conditions or other health-related issues. They also can’t deny you if you are a smoker. Companies also cannot request a higher premium than they would for those who are over 65 and buying their plan outside of their Medigap Open Enrollment Period.
If you decide to wait until after your Medigap Open Enrollment Period to buy a Medicare supplement plan, you might face some setbacks. For individuals with any major health issues or those who take expensive medications, insurance companies might decline your application.
Getting a Medicare supplement plan has many benefits. As a senior entering this next stage of life, it is crucial that you have protection from all medical scenarios.
We Can Help
If you are ready to complete your Medicare coverage, you can get a Medicare supplement quote online, or give us a call at (800) 310-2550. One of our agents will be more than happy to help you get the best plan for your needs.