Supplementing Medicare with peace of mind
MEDICARE SUPPLEMENT PLANS
There are obvious gaps in Medicare coverage that make supplementing Medicare necessary for millions of Americans. These gaps in coverage can lead to uncertainty for many beneficiaries. National Medicare Plans helps fill the gap in coverage and offers peace of mind. Medicare Supplement Plans pick up where Medicare coverage stops; so with the right plan you do not need to worry about copayments and deductibles, due to a crippling illness or injury.
Medigap Policies
Medigap policies are designed to cover the services that Medicare does not. Medicare pays a share of the approved amount, and leaves behind an unpaid balance. Medigap coverage pays some or all of the unpaid share, to reduce your burden.
In order to benefit from a Medigap policy, you are required to be enrolled in Original Medicare Part A and Part B. Medigap is not to be confused with a Medicare Advantage Plan. A Medicare Advantage Plan is designed to transfer certain Medicare benefits to a private insurance company. A Medigap policy is simply a supplement to your Original Medicare benefits.
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Medigap plans cover deductibles and coinsurance charges through Medicare Part A, up to 365 days after Medicare benefits are depleted. Medigap also covers hospice care copayments and coinsurance, and Medicare Part B copayments and coinsurance costs. The lettering system associated with Medigap plans may create a degree of confusion. Still, with the help of one of our qualified and informative advisors, you will be able to understand each plan and make an informed decision about your future healthcare, with peace of mind.
Qualifying for Medicare Supplement Plans
There is good news for individuals seeking to fill the gap in their Medicare coverage. Initial enrollment begins 3 months before you reach 65 years of age and are enrolled in Medicare Part A and Part B. Even if you suffer with preexisting health conditions, you are eligible during this initial enrollment period. You can purchase a Medicare Supplement Plan for the same cost as other individuals, who do not have preexisting conditions. You should take advantage of the 7 month Medigap open enrollment period (IEP). You will secure more options and benefit at a lower premium. Plans are also guaranteed to be renewable, even if there are existing health conditions. This ensures that your Medigap coverage cannot be canceled, provided that premiums are paid when due.
Steps to Supplementing Medicare
The first step to supplementing Medicare is to determine your needs and which benefits meet those needs. You should consider your health situation today and tomorrow. Learn about the different policies available and how those plans benefit you. Speak to a qualified advisor for guidance and to help you choose the plan that is right for you. A qualified advisor can assist you with the steps to supplementing Medicare with affordable Medicare Supplement Plans, that gives you peace of mind.
Regulations and Laws that Protect You
Federal and state laws ensure that every Medigap policy protects you. Medicare Supplement Insurance offers a standardized policy to give you the coverage you need. It is important to understand your options and savings. Speaking to a qualified advisor can help you understand your options.
Understanding Plan Options
It is important to understand that Medigap and Medicare Supplements are synonymous terms. Plans are lettered A through N, and each provides a different level of coverage with regard to the gaps in Medicare coverage. The plan you choose will determine both your coverage, and your premium costs.
Some plans offer higher premiums but provide more coverage. You can choose a plan with a lower premium, depending on the percentage of the unpaid costs in Medicare coverage you wish to retain. When supplementing Medicare, the choices to be made about coverage and premiums will take your specific healthcare and financial situation into account. Speak to a qualified advisor to review the coverage option that is most important to you.
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Plan A
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Medigap Plan A is a basic coverage option. It covers the 20% that Medicare fails to pay for any outpatient treatments, such as visits with your physician. (See the chart below for more details). For some, this is the most important coverage.
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Plan B
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It is important not to confuse Medigap Plan B with Medicare Part B. The umbrella of coverage provided by Medigap Plan B extends to provide the same coverage that Plan A covers, and also covers the hospital deductible for Medicare Part A. After Medicare pays, it leaves a large portion of the cost to you; Medigap Plan B picks up the pieces and pays a share, to reduce your burden of cost. See the chart below for more details.
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Plan C
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One of the more popular Medicare supplement plans is Medigap Plan C. It is a comprehensive supplement, covering out of pocket deductibles and 20% copays for outpatient expenses, see the chart below for more coverages.
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Plan D
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Medigap Plan D, not to be confused with Medicare Part D, covers most services, with the exception of the Medicare Part B deductible and Medicare excess charges.
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Plan F
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Medigap Plan F offers peace of mind by covering most of the out-of-pocket costs that you would normally pay. There is no copay or deductibles for doctor visits or hospital stays.
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Plan G
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Medigap Plan G is setting a trend in popularity among Medicare supplement plans in recent years due to competitive premiums and coverage that pays for everything Plan F does, minus the Part B deductible. Overall, Plan G may have a better cost per coverage value each year.
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Plan K, L and M
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Medigap Plan K, L and M offer only partial coverage for certain benefits. The choice about coverage under these plans would be based on your individual needs. Plan K covers 50% of most services, while Plan L covers 75%. The cost savings may be attractive, but the percentage of coverage is less than other supplement plans available.
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Plan N
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Medigap Plan N offers lower premiums with higher copays for certain services, such as physician visits and emergency room visits. This plan does not cover Medicare excess charges. While it does have lower premiums, the excess charges can be burdensome. When you are considering supplementing Medicare, it is important to remember that while Plan N might have lower premiums, it requires sizable copays for doctor and emergency room visits.
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Doctor Visits and Supplement Plans
Medigap or Supplement Plans allow you to see any Medicare participating doctor. This gives you access to hundreds of thousands of medical professionals across the nation. Regardless of the company providing the Medicare Supplement Plan, if the doctor accepts Medicare, you are covered by your supplement plan as well. There is a little peace of mind in knowing that about 93% of all primary care physicians in the United States accept Medicare and your Medicare supplement plan. Do not confuse supplement plans with a Medicare Advantage Plan. Most Medicare Advantage Plans have limited coverage or service areas. MA plans are offered in certain regions, and require that you use select a Primary care doctor from within a limited network of providers.