Medicare Supplements

Original Medicare provides senior citizens and persons with disabilities with health care coverage that makes healthcare services more affordable. Yet even with a Medicare policy, some people still incur high out-of-pocket healthcare costs.
Medicare Supplement Insurance (Medigap) helps fill the gaps left behind by a traditional Medicare policy. With a Medigap policy, you can have some of your additional healthcare costs covered by an insurance provider.

What Do Medicare Supplement Policies Cover?

Medicare Supplement Policies help individuals pay for the healthcare costs that remain after Medicare pays their approved amount. Some costs covered by Medigap include:

  • Copayments
  • Coinsurance
  • Deductibles

The plan you choose will determine which out-of-pocket costs are covered.

Medicare Supplement Plans

There are ten different Medicare Supplement plans currently on the market. These plans are serviced by private insurance providers who contract with Medicare to deliver coverage. Each plan offers different benefits and has a different cost structure.

While some plans offer very basic benefits, you can find other plans that provide comprehensive coverage. As a rule of thumb, you can expect plans with more comprehensive benefits to come at a higher cost than the more basic alternatives.

Medicare Supplement Insurance Eligibility and Enrollment

If you want to enroll in a Medigap policy, you must have both Medicare Part A and Part B. Medigap policies only cover a single person. Therefore if you want coverage for a spouse, you must buy separate policies.

The best time to enroll in a Medigap policy is when you first become eligible. For most people, this timeframe would be the Initial Enrollment Period (IEP). The IEP starts three months before you turn 65 and ends three months after your birth month. The period includes your birth month, making it a total of seven months.

During the IEP, you are not subject to underwriting, and insurance providers are required to offer you Medigap coverage at the best available rate.

If you choose to enroll outside of the Initial Enrollment Period, you may still qualify for coverage. Although, outside of the IEP, insurance providers are not required to offer you a Medigap policy without underwriting. Therefore you can be rejected based on your health status.

Compare Medigap Policies

Each Medigap plan has different costs and benefits. To ensure that you select the best plan for your unique situation, you should consult with an insurance expert.

Proinsurance Hawaii has a team of insurance professionals ready to help you find answers to your questions. Contact us now to learn how you can get started with a Medicare Supplement Insurance policy.