Supplemental Insurance Information
If you are a Medicare participant, then you are just one of millions of Americans who rely on the government-supported Medicare program to supply the health insurance that you critically need.
Medicare provides substantial benefits for any number of everyday and specialty health care services. However it doesn’t reduce a policyholder’s care cost to $0. You will have an out-of-pocket obligation for many types of care, even after your coverage applies. However, if you want assistance with these costs, then a Medicare Supplement, also called Medigap insurance, might be the solution.
With the help of Weimer Group, it’s easy to find the Medigap benefits that are right for you. All plans differ, but with our expert eye, we can make sure you receive the supplementary benefits that offer you both great value and easy policy management.
To get your plan, call us at 877.791.1707 or request a quote online today!
Understanding Medigap Plans
The primary Medicare program is called Original Medicare. It contains two types of coverage: Part A (Hospital Insurance) and Part B (Medical Insurance). Most Americans qualify for Medicare when they turn 65 years old. However, others with disabilities and end-stage renal disease can also qualify.
When you use Original Medicare, your health plan will pay for a certain amount of your health care costs. However, you will have to pay a portion of these costs yourself, too. For anyone, particularly those with a lot of health care needs, this cost-sharing structure might feel like a financial burden.
If you want additional coverage for these outstanding costs, you can often get them by enrolling in a Medicare supplement plan. Commonly called Medigap plans, these privately managed policies will cover Original Medicare costs like:
All Medigap plans vary, but if you find the right one for you, then you will not only receive assistance with the costs that you are most likely to face after having medical care. The cost of the policy itself will also be far more affordable than any of the bills that might mount up without it.
Please Note: Medigap plans do not pay for prescription drugs, dental, vision or private nursing care.
Common Medicare Supplement Questions
What types of Medicare supplements are there?
Medicare supplements are provided by major insurers throughout the United States, but they must meet standards set by federal Medicare law.
In most states, there are 10 types of Medigap plans available. Each has a corresponding label—A, B, C, D, F, G, K, L, M, N—and each will offer the same benefits no matter where you live. Plan A in California will offer the same benefits as Plan A in Texas.
Depending on the plan you select, the benefits will vary. For example, all plans will pay for 100% of your Part A coinsurance and hospital costs. However, plans A & B will not pay any of the coinsurance costs from a skilled nursing facility, even though other plans will cover some or all these costs.
What is the difference between Medicare Advantage and Medicare Supplements?
A Medigap plan is not the same as Medicare Advantage, also known as Medicare Part C.
Advantage plans are private plans that take Original Medicare benefits and expand on them. Besides Part A & Part B coverage, they might offer perks like dental, vision and prescription drug coverage. They have different provider networks, premiums and cost-sharing rules than Original Medicare.
On the other hand, a Medigap plan is just a way that you can afford costs leftover by your Original Medicare coverage. You generally cannot buy both a supplement and an Advantage plan because of the different benefits structures associated with Advantage coverage.
What does a Medicare supplement cost?
Because Medigap plans are private policies, their premiums can vary, and you might have to meet certain eligibility rules to enroll in certain plans. Still, they are usually very affordable. Your Weimer Group agent will work with you to make sure that you both enroll in the right benefits and receive the right value for the coverage you select.
Can I buy a Medicare supplement anytime?
Medigap’s open enrollment period is a six-month timeframe that starts on the first day of the month that you are:
For example, if you are 65 your Part B benefits start in October, then you can enroll in Medigap coverage from Oct. 1 – March 31.
If you want to change your Medigap plan or enroll in coverage after your enrollment period, then you might not be eligible for certain plans, and financial penalties might apply.
Who is eligible for Medicare supplements?
You can only buy Medigap plans offered in your state of residence, and only recipients of Original Medicare can qualify for coverage. Further restrictions might exist for individuals under the age of 65, with disabilities or with end-stage renal disease (ESRD).