Looking to compare Medicare Supplement plans before committing to a plan? Safe Havens Insurance can help at no cost to you! Call 813-280-9560 to speak to a licensed insurance agent.
What are Medicare Supplement Plans?
Medicare supplement plans, also referred to as Medigap, helps to pay some or all of the health care costs not covered under Original Medicare. Collectively, Original Medicare includes coverage for Part A and Part B Services. Part A includes coverage for inpatient hospitalization, skilled nursing care, nursing home care, hospice and home health care services. In contrast, Part B includes coverage for physician services, outpatient care and a host of other medical services. Medicare supplement plans are notated by letters A-D, F-G, and K-N, which each plan offering a different level of basic benefits. Plans E, H, I, and J are no longer available, and plan F is set to go away in 2020. If you already have one of these discontinued policies, you are able to keep it.
Important tip… you must continue to Pay your Medicare Part B premiums to stay enrolled in a Medigap plan.
Medigap plans don’t include prescription drug benefits.
Although you may not take any medications now, you should still think about purchasing a stand-alone Medicare Part D Prescription drug plan. With some exceptions, the Medicare program enforces penalties to Medicare beneficiaries who do not carry Part D prescription drug coverage when first eligible to do so. Learn more about the Medicare Part D Late Enrollment Penalty, the costs, and ways you can avoid it in your Medicare years.
For the relatively low cost of Medicare supplement plans, Medicare beneficiaries can expect the following benefits:
- Medicare supplement plans are the least restrictive. You do NOT need referrals.
- Medigap plans can be used anywhere in the U.S. If you move to another part of the US, there is no change in coverage. Exceptions exist in 3 states who have their own standardized Medicare supplement plans (Massachusetts, Minnesota and Wisconsin).
- No network restraints…you can see ANY doctor who accepts Medicare.
- Affordable monthly premiums that are guaranteed renewable, which means coverage cannot be cancelled unless you fail to pay your premiums.
- Unlike Medicare Advantage Plans, Medigap plans do not have open enrollment guidelines. Thus, you can submit an application year-round.
Medicare supplement plans are standardized. This means that each plan in the same letter category must offer the same basic benefits no matter which insurer sells it.
Know the Medigap Guidelines
Did you know the only time you can buy a Medicare supplement with no medical underwriting is when you are in your guaranteed issue period or if you lose credible coverage through no fault of your own, such as losing employer coverage?
Can’t afford an additional premium for a Medicare supplement plan? At Safe Havens Insurance, we offer a variety of Medicare Advantage plans with $0 premiums including HMO, PPO & Special Needs Plans (SNP’s)!
