As healthcare costs continue to rise, many seniors are turning to a Medicare Supplement Plan—also known as Medigap—to help manage out-of-pocket expenses not covered by Original Medicare (Parts A and B). If you’re approaching Medicare eligibility or reassessing your coverage, understanding your options is key to making informed decisions.
The most common supplemental plans provide coverage for your out-of-pocket expenses not paid by Medicare, such as copays, deductibles, coinsurance, as well as some services that may not be covered by Medicare, such as international travel emergencies. Medigap plans do not include prescription drug coverage, so enrollees typically pair them with a separate Medicare Part D plan 1. Plans vary, so it’s important to look for a plan that provides the coverage you need.
Medicare Supplement Plan Eligibility
In order to be eligible, you must be enrolled in Medicare Part A and Part B, and you must not be enrolled in a Medicare Advantage plan. If you are under age 65 and receive Medicare as part of your disability benefits, you may be eligible to purchase a Medicare Supplement Plan depending on the state in which you live. In addition, only one person can be covered by each Medicare Supplement Plan. You will need to purchase separate policies if both you and your spouse want this type of coverage.
When to Enroll
The ideal time to purchase a Medicare Supplement Plan is during your Medigap open enrollment period. This is a six-month period beginning on the first day of the month that you turn age 65 or older and enroll in Medicare Part B. During this period, you will not be denied coverage for any pre-existing health conditions. In other words, you can purchase the plan of your choice for the same premium that a healthy person without pre-existing conditions would pay. If you do not enroll in a Medicare Supplement Plan during your Medigap open enrollment period, you will not be guaranteed coverage, and you may be denied coverage or charged a higher premium due to your medical history or pre-existing health conditions.
Where to Purchase
Medicare Supplement Plans are sold by private insurance companies, and you will usually pay a monthly premium. Insurance companies selling Medicare Supplement Plans do not need to adhere to the requirements for standard Medicare policies. This means that the cost can vary due to a variety of factors, including the plan’s service area, the age you were when enrolling in Medicare, or the age you currently are when enrolling in a Medicare Supplement Plan. Because premiums and out-of-pocket costs can vary, it is a good idea to shop around to ensure you find the best rate and policy to suit your needs.
We’re Here to Help
Choosing the right Medicare Supplement Plan depends on your health needs, budget, and lifestyle. Whether you prefer comprehensive coverage or the flexibility of high-deductible options, there’s a Medigap plan designed to support your healthcare journey. Contact a local Acentria Insurance agent today for personalized guidance and to learn more about which Medicare Supplement Plan is right for you.
