Medicare Supplement Insurance
Medicare Supplement Insurance policies are also called Medigap policies. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. Medicare Supplement Insurance Policies, sold by private companies, can help pay some of the remaining health care costs for covered services and supplies, such as copayments, coinsurance, and deductibles. Your trusted advisors at Senior Insurance Professionals, LLC provides guidance for the right policy for you.
Medicare Supplement policies are standardized
Medicare Supplement (also called Medigap) policies must follow federal and state laws designed to protect you, and they must be clearly identified as "Medicare Supplement Insurance". Standardized policies, in North Carolina and Virginia, are identified by letters A through D, F, G, and K through N.All policies offer the same benefits. In other words, Policy G with one company covers the same benefits as Policy G from another company. The only thing that will be different from one company to another is the price. A trusted advisor at Senior Insurance Professionals, LLC will assist each individual with their unique needs, to select the right policy.
- You must have Part A and Part B
- You pay the private insurance company a monthly premium for you Supplement policy. This is in addition to your Part B Premium the is paid to Medicare.
- A Supplement policy does not cover prescription drugs (Part D ), therefore you will need a separate Part D policy.
- Beginning January 1, 2020, supplements purchased by people new to Medicare, may not choose plans with coverage for Part B deductible. Plan C and F will not be available.
- An important thing to remember, it is helpful to have guidance from someone you trust. That is what we provide at Senior Insurance Professionals, LLC.
Coverage while traveling
Foreign travel emergency coverage is available in a few of the supplements. Be sure to mention this benefit when discussing your options.
When to purchase a supplement
The best time to purchase a supplement is during your Open Enrollment Period. In North Carolina and Virginia, this period begins on the first day of the month you turn 64 ½ years of age and continues till you reach 65 ½ years of age. When purchasing a supplement during your open enrollments period, there are no medical questions to be answered. Remember, you must be enrolled in both part A and Part B.
When you delay enrolling in Part B, your open enrollment is 6 months prior to enrollment in Part B and continues 6 months from Part B beginning. Again, during this open enrollment period, you won't be asked any medical underwriting questions. Your age will determine your premium.
Another good time to purchase a supplement is in a Guaranteed Issue Period. When you have an involuntary loss of coverage or choosing to leave employer group healthcare coverage, you will have Guaranteed Issue Rights. You may purchase a supplement without underwriting, but you may be limited on plans available. At Senior Insurance Professionals, LLC, your advisor will help you navigate your maze options.
Access to Wide Range of Carriers
With Senior Insurance Professionals, LLC you have access to all the major carriers. At Senior Insurance Professionals, LLC, we work tirelessly to pair you with the company that most suits your needs and your budget. Premium rates and medical underwriting can vary from one carrier to another. Do not delay, call today.