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Medicare Supplement 101

What percentage of your medical expenses do you think Medicare will pay for?

You probably already know that Medicare Parts A and B cover a large chunk of your medical bills, but it won’t pick up 100% of the tab.  Deductibles, coinsurance and copayments come out of your pocket, and there are a number of other expenses Medicare isn’t set up to pay for.  Even with Medicare coverage, you may end up spending thousands of dollars on your medical expenses.

Medicare supplement insurance may slash your out-of-pocket costs by thousands of dollars every year.  In fact, AARP reports that,

a 65-year-old couple retiring this year will need $240,000 to cover future medical costs…the cost of deductibles and copayments, premiums for optional coverage for doctor visits and prescription drugs, out-of-pocket expenses for prescription drugs, and other expenses that Medicare doesn’t cover.” 1

What is Medicare Supplement Insurance?

Medicare supplement insurance, also known as Medigap, is health insurance sold by private companies to help pay for medical expenses that Medicare doesn’t cover, including deductibles, copayments and coinsurance.  Some plans may also include items that don’t fall under Medicare coverage, such as some long term care and medical care when you’re outside the United States.

If you have Medicare Parts A and B and you buy a Medigap policy, Medicare will pay its share for covered health care costs. Then your Medigap policy pays its share on the remaining balance.

There are 10 different plans, each with different coverage specifics.  Although Medicare supplement insurance is sold by private companies, the plans are regulated by the government. They don’t differ between companies. (Note: Medigap policies offered in Massachusetts, Minnesota or Wisconsin are different than plans sold in the rest of the country.)

Trying to figure out which of the 10 plans works best for you can be intimidating.  CBS News said

“…it’s absolutely necessary to purchase such a plan… It is critical that you do your homework when shopping for this coverage because premiums and plan features can vary substantially.” 2

Here’s the good news:  You don’t have to do this “homework” alone.  At AccuQuote, we’ve done painstaking research to make it as easy as possible for you to find the right plan at a great price.

Request a quote by clicking the button to the right or at the bottom of the page.  Our licensed sales agents are available to answer your questions and walk you through the process.

Who Can Purchase Medicare Supplement Insurance? Who Should?

Fully 90% of Medicare beneficiaries eventually decide to get some type of supplemental insurance to “fill in the gaps” in the coverage provided by Medicare.3  The out-of-pocket savings make it well worth the effort to sort through the  various plans and their details.

When can it be purchased?

According to Medicare.gov, the ideal time to buy a Medicare supplement policy is during your 6-month open enrollment period.  During that period, you are eligible for any policy sold in your state, regardless of your health – and you CANNOT be charged more because of any health issues you have.

(If you wait to sign up, you may be turned down for certain plans, and you will probably have to pay a higher rate if you have any health problems.)

Request a quote at your earliest convenience and we’ll help you take care of this in a timely manner.

We look forward to helping you get the right coverage.

What have you got to lose?  Let’s talk. Today is good for us!

 

1 Martha M. Hamilton, http://www.aarp.org/health/medicare-insurance/info-12-2012/health-care-costs.html

2 Steve Vernon, http://www.cbsnews.com/news/should-you-buy-a-medigap-or-medicare-advantage-plan

3. Association for Member Benefit Advisors, https://www.myambabenefits.info/education/medsup-library/medicare-supplement-basics/statistics.php

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