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Medicare is a national health insurance program for people who are 65 or older, certain younger people with disabilities, and those with end-stage renal disease.
If you’re turning 65 soon, you’ll have some critical healthcare decisions to make.
If you aren’t sure as to what all the parts of Medicare are, we have compiled all of them for you.
Known as Medigap Plans, Medicare Supplement Plans fill in the “gaps” of medical costs that aren’t covered by Original Medicare, such as coinsurance, copayments, and deductibles.
Medicare Advantage Plans, or Medicare Part C, can be used to substitute Medicare Part A and B, as well as offer prescription drug coverage.
You can enroll in Original Medicare three months before you turn 65 until three months after the month of your 65th birthday.
We have acquired an abundance of knowledge, and we’re eager to share this expertise with you in the form of articles and blog posts.
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Medicare Supplements are also called Medigap plans because they help cover the “gaps” in Original Medicare like your deductibles and coinsurance.
They’re additional “supplemental” insurance plans that you can add to your Parts A and B. Medicare Supplements cover millions of beneficiaries nationwide. They’re very appealing to people who want little or no copays when they receive healthcare services.
If you’re new to Medicare, it may surprise you that Original Medicare only covers 80% of your Part B costs. That other 20% can be a major financial burden if a severe illness emerges.
You can select a Medicare Supplement plan that will cover some or all of that 20%, among other items. For seniors with Medicare, this extra insurance provides peace of mind by removing the cost-sharing responsibility. Should you become seriously ill, you’ll have more coverage and security with a Mediare Supplement.
With many options, it can seem overwhelming at first. The standardized Medicare Supplement plans are listed below, plus high deductible versions of F and G.
Each plan offers different levels of coverage and the rates will vary depending on your state and the company you choose. The good news is that there’s an option for any and every health situation.
As an independent insurance broker, we work with people like you every day — providing quotes, answering questions, and making coverage recommendations so you can be confident in your decision.
The payments for Medicare Supplements can be explained in three steps:
For Medicare Supplement insurance, you get a one-time “Medigap enrollment window” to sign up — the best time to enroll because, during it, companies can’t ask you medical questions, nor can they deny you for health conditions. They also can’t charge you more for having health conditions. You’ll get your choice! You may enroll in any Medicare Supplement in your area.
Medigap open enrollment is a six-month window, starting on the first day of the month you turn 65 OR the month you sign up for Medicare Part B. It’s often called a “use it or lose it” opportunity.
After the period ends, you can still apply, BUT you’ll need to go through the underwriting process. So, future insurance carriers can choose to accept or reject you based on health.
Some people wait to enroll in a Medicare Supplement plan since they have group health insurance through an employer. When they retire later or lose that coverage, they have the “right” to buy certain Medigap plans within the 63 days after losing the group coverage — known as a person’s Medigap “guaranteed issue rights.”
Guaranteed issue rules can differ by state. Check with an agent at Midwest Trusted Benefit — we can tell you about the laws that apply in Missouri, Kansas, Iowa, and Nebraska.
If you’re disabled under 65, you probably have complicated conditions and might have a limited income. In that case, your out-of-pocket costs could be unending. A Medicare Supplement plan can help with these costs.
While your disability may qualify you for Medicare under 65, you’re not automatically eligible for Medigap insurance. It can be hard to get a Medigap policy, depending on where you live.
If a plan is available to you, the costs will likely be a lot higher than if you were 65 (or older).
It Depends on Your State
In Kansas and Missouri, insurance companies must sell at least one type of Medigap plan to people disabled under 65. Some restrictions may apply.
In Iowa and Nebraska, Medigap insurers aren’t required to offer policies to beneficiaries under 65, but some companies willingly provide coverage to the under-65 population. The bottom line? Coverage is available, including high-risk pool coverage, which our agents can share more info with you.
To confirm whether your state offers Medigap insurance if you’re under 65 and learn the details and restrictions, you can check with your State Health Insurance Assistance Program (SHIP).
To learn more about Medicare Supplements, keep browsing our website or call (402) 740-5505!
We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
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