Medicare is a federal health insurance program that allows certain groups of people to get healthcare coverage without purchasing individual insurance plans or enrolling in a group health plan, such as an employer's health plan. Depending on the type and amount of coverage you have through the Medicare program, and your specific needs, you may need to add on one or more Medicare supplement plans to manage the “gaps” in your coverage.
When you qualify for Medicare, you will be asked about which, if any, supplemental insurance plans you wish you purchase. This leads many to question, “What is a Medicare Supplement Plan?”
Medicare supplemental insurance, or Medigap policies, are designed to cover what Original Medicare does not. These plans close the "gaps" in coverage and help seniors and those with disabilities to manage the costs of their care. The 10 Medicare supplemental insurance policies, known as Medigap plans, each cover a range of healthcare costs, in differing amounts.
Benefits included in all of these plans include:
Additionally, some plans include the following benefits:
The percentage of coverage for each of the covered costs varies depending upon which supplemental Medigap plan you choose so it is important that you compare a variety of Medicare supplement insurance quotes before making a selection.
If you live in the U.S. and are a citizen, you will automatically qualify for Medicare when you turn 65. At that time, you will have a six month “open enrollment” window in which you can enroll in any Medigap plan of your choosing, without having to go through an application or underwriting process.
To supplement your Medicare plan with additional coverage outside of your open enrollment period (for example, if you qualify for Medicare due to a disability), you will need to have Medicare Part A and Part B in place, and you will need to go through an application process to qualify.
Each of the different supplemental Medicare health insurance plans, has its own costs and benefits. The benefits are regulated by the Medicare program and will be the same anywhere you go, but the costs will vary from one insurance company to another.
How do you go about deciding whether one of Medigap plans makes sense for you? How can you compare Medicare supplement insurance quotes?
With all of the choices available to you, you may need the guidance of a qualified agent to advise you about which Medicare supplement plans are right for for your particular situation. Independent insurance agents in the Trusted Choice® network can help you navigate through your various options and can make sure you go with a company that is both highly rated and competitively priced. Contact a Trusted Choice agent near you to learn more and to start comparing Medicare supplement insurance quotes.