Choosing The Right Medicare Supplement Policy

You will soon be eligible for Medicare if you you are getting to the age of 65, and you will have to make some decisions. In the event that you are not yet covered by Social Security, your 65th birthday should be the time to apply for original Medicare should (three months before or 3 months after your 65th birthday month).

The Original Medicare consists of Part A, which is usually free, and Part B (health insurance), which usually requires a monthly cost of $ 100 per person (it will be more if your income exceeds certain thresholds) , Medicare is covered by Medicare Part D, which is applied for over the same period but independently of Original Medicare.

However, Medicare supplement plans for 2019 can be quoted at    Given that most people are likely to need more medical care as they grow older, it makes sense to consider Medicare Supplement Plans, also known as the “Medigap”.

Here are some important points to know about Medigap insurance:

  • Private insurance companies sell these policies. Its purpose is to cover expenses that are not paid for by traditional Medicare, including co-payments, co-insurance, deductibles, and medical benefits outside the United States.
  • You can only buy Medigap policies when you sign up for Part A and Part B.
  • If you plan to buy a Medigap policy, you should do so during your first open registration period. This begins on the first day of the month in which you are at least 65 years old and enrolled in Medicare Part B. From this point on, you will have a six-month window where you can choose any Medigap policy, regardless of pre-existing conditions. Insurance companies must charge you a standardized rate and cannot refuse you because of your illness, provided you sign up for the six-month period. In addition, you must renew your insurance coverage every year, regardless of your state of health.
  • Medigap policies that are sold after January 1, 2006 may not contain prescription drugs. If you wish to take prescription medication, you can subscribe to a Medicare Prescription Drug Plan (Part D) offered by private companies approved by Medicare.

Private insurance companies offer Medicare supplementation, but the types of coverage are standardized. Each Medigap policy must comply with certain federal and state laws.

However, you can choose a specific Medigap policy that meets your needs. These plans are marked with a letter system (Plan A, Plan B, Plan C, etc.). Any insurer offering a plan under any of these categories must provide the standard coverage level set for this category.

Normally, the plans cover co-insurance or co-payments that you have to pay for as part of your Medicare coverage. Other benefits vary depending on the type of plan you choose. The plan you select may or may not include:

  • Nursing care
  • Hospice care
  • Travel abroad
  • Deductible for services otherwise covered by Part A or Part B.

You can decide what kind of coverage is right for your needs. As a rule, the more comprehensive the coverage, the higher the premiums. If you are looking for a Medicare supplement plan, look for ways to find out if you have access to plans that may include long-term care, hearing aids, and vision or dental care.