Medicare Supplement Plans

Medigap Made Easy

Medicare Supplement Plans – Medigap

 
The best time to check into Medicare Supplements (Medigap) is before you are eligible for Medicare. If you are nearing age 65, the choices you make now can help you in the future. But choosing the correct supplemental insurance to meet your needs can be confusing and overwhelming. Fortunately, our trained agents are committed to helping you sort through all the options available.
 
And just so you know, Medicare Plan F is no longer available to those who are eligible for Medicare after January 1, 2020.
 
Everyone 65 and older is entitled to the basic Medicare coverage, but typically it only covers about 64 percent of the annual health-care costs. Added to the expense not covered by Medicare, there are deductibles, co-payments, and coinsurance to pay. This is why many choose Medicare Supplements and at Ashford Insurance, we can assist you in your Texas insurance coverages.
 

Medicare Supplement Plans, also known as Medigap, are standardized by the Federal Government. They are labeled A, B, C, D, F, G, K, L, M, and N. Each standardized Medigap policy must offer the same basic benefits no matter which insurance company sells it. Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies. Plan A pays the Medicare hospital and physician coinsurance, the first three pints of blood, and 365 days of hospitalization beyond Medicare. Plans B through N provide these benefits and add more benefits such as coverage for Medicare deductibles, excess charges and limited preventive care, and foreign travel. You can only have one Med Sup plan. No one should try to sell you an additional Medsup plan unless you decide you need to switch policies.

Open Enrollment for Medicare Supplemental Insurance is at age 65 for all consumers, including those already receiving Medicare due to disability. The Open Enrollment period is a six-month period. For six months beginning when you are both age 65 or older and enrolled in Medicare Part B, companies must sell you any Medicare supplement plan they offer. After this limited open enrollment period, companies can pick and choose whom they will cover and how much they will charge based on your health. If you have an individual or “bank group” insurance policy, becoming Medicare eligible does not require you to cancel it and purchase a Medicare supplement. Doing so may save premium costs but it is important to compare benefits before deciding which will work best.

If you are eligible for employer retirement insurance, review the plan carefully to understand what benefits are available and how it works with Medicare. Be aware that employer plans are not standardized and are not subject to the requirements governing standardized Medicare supplement policies. Also, it is important to remember, if you leave an employer plan you may not be able to go back on it.

Both Medicare Part A and Part B were designed to help retirees with their Texas health insurance. If you choose to add Medicare Part B, it is wise to add your supplements within the first 6 months. During this time the Medigap program must accept you and any preexisting conditions, known as “guaranteed issue rights”. In most cases, as long as you continue paying the premiums you cannot be canceled. After the 6 months, if you decide you want a supplement policy, you can be turned down for pre-existing conditions such as diabetes, heart disease, or cancer.

Texas Medicare Supplemental Health Insurance has a wide variety of plans and is organized alphabetically with each plan designated with a single letter. Plans are designed to help with the cost of deductibles, co-payments, and coinsurance. Some plans offer prescription, vision, or dental coverage. The different plans offer the flexibility of choosing your own doctors and hospitals that accept Medicare patients and specialists, without referrals. You have the freedom to travel and take your coverage with you anywhere in the United States.

Some Texas residents are eligible to enroll in approved Medicare Advantage plans. These plans are offered by private insurance companies. Each year Medicare Advantage companies decide where they will offer their plans, what benefits will be offered, and what the premiums will be. Several include vision, dental, hearing, and wellness programs not covered by original Medicare. As noted earlier many Medicare Advantage Plans also offer prescription drug coverage. There are several Medicare Advantage plans available in Dallas, Tarrant, and surrounding counties. Depending on plan choice, a member may be responsible for paying co-payments for certain covered services. Most importantly, with Medicare Supplements, Medicare Advantage, and standalone Part D Prescription Drug Plans, you must continue to pay your Part A (if any) and part B Medicare premiums.

Rates for Medicare Supplements can vary greatly between different carriers and are usually based on age, location, gender, and health. You don’t have to sort through this alone, our agents at Ashford Insurance are committed to searching for the best rates and coverage which are affordable and meet all your needs. 

Sarah began working in the healthcare industry in 2001, where she worked for many years with elderly Alzheimer and Dementia patients. From there she worked as a Group Benefits Administrator with a local healthcare company in the Human Resource Department for a period of 10 years. Since then, she has decided to work in the Medicare insurance industry full time and has joined the family business, Ashford Insurance, as a Medicare Insurance Agent.

Need help? Call us for an appointment at (817) 952-3153

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