What Is a Medicare Supplement Insurance Policy?
Medicare supplement (Medigap) insurance is an option for people who want more coverage than Original Medicare provides. More than forty percent of people receiving Original Medicare benefits also purchase a Medicare supplement policy. You can’t use Medigap plans with Medicare Advantage plans. Medicare has approved 10 different levels of standardized Medicare supplement plans that are available in most states.
Your open enrollment period for purchasing a Medicare supplement plan lasts for six months, beginning on the first day of the month you enroll in Medicare Part B if you are already 65. During these months, you won’t have to answer any health questions. If you miss this window, you may have to answer health questions and pay higher premiums or be denied coverage.
Your Medicare supplement insurance policy will help you pay some out-of-pocket costs like coinsurance premiums and copayments. Purchasing a Medicare supplement plan has several benefits, such as:
* If they accept Medicare patients, you’ll be able to use any hospital or doctor. Limited chiropractic treatments are also covered.
* If Medicare covers a treatment or service, supplement plans cover those same treatments or services.
* Even if you have or develop health issues, Medigap policies are guaranteed renewable. If you pay your premiums, the company can’t cancel the policy, and the coverage and features will remain the same.
* Your out-of-pocket costs are more predictable and therefore easier to plan for.
*You can use Medigap benefits in any state, and in some circumstances, you can use them if you travel internationally.
Medicare supplement insurance is purchased through private companies. You may want to find an agent to help you find the best policy for you.
What Is a Medicare Supplement Agent?
A licensed Medicare supplement insurance agent or broker will help sort through all available policies to narrow down your choices. Brokers and independent agents can sell plans from various insurance companies, but captive agents are only allowed to sell policies from one company.
Although you can purchase a Medicare supplement plan on your own, Medicare can be confusing. Agents are tested on their Medicare knowledge annually to verify that they are up to date on current Medicare plans and changes to those plans. Using an agent to enroll for coverage doesn’t cost anything, so it’s a good idea to enlist the help of an agent to help you wade through all the benefits, costs, and types of coverage.
A Medicare supplement agent asks questions about your health and budget and then presents you with options that fit your needs.
How Do You Find a Medicare Supplement Insurance Agent?
You’ll want to use an agent who has a good reputation and provides excellent customer service, and Billy.com can help you find the right agent at no cost to you. Contact them today to get started. Did you know that Billy.com also offers free health insurance quotes from our agents?
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Plan availability varies by region and state. For a complete list of available plans please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day, 7 days a week or consult www.medicare.gov. SMID: MULTIPLAN_BOOST_web316_M