Medicare Supplements

If you have Medicare Part A and Part B, you qualify for Medigap. If you are enrolled in a Medicare Advantage Plan, you are not eligible for a Medicare Supplement policy. Remember that Medicare Advantage Plans are alternatives to Original Medicare. Medicare Supplements, on the other hand, offer supplemental insurance to cover a portion (or all, depending on the plan) of leftover expenses after Medicare pays its share. You can purchase a Medigap policy from an insurance provider who is licensed in your state.

You can still buy a Medigap supplemental insurance policy – even if you have a pre-existing condition – as long as you buy it during your initial enrollment period. This initial enrollment period begins with the day of your Part B effective date and lasts for six months. 

During this time, an insurance company cannot charge you a higher premium or deny you coverage because of an illness you already have. 

You can enroll any time after your initial enrollment period but you will then be subject to medical underwriting.

It depends on the time and circumstance of your application. If you apply for Medicare Supplement insurance during the open enrollment period you can not be denied, even if pre-existing conditions are present.

The cost of Medigap policies vary. Depending on your state and the plan you choose, the monthly premium for Medicare Supplements can cost anywhere between $50 and $300 plus. Remember, the best time to buy is during your initial enrollment period. That will help keep the cost down.

The Guaranteed Issue Rights laid down by the United States federal government forces insurance companies to allow all customers to purchase Medicare Supplement insurance regardless of health status, receipt of health care, or medical conditions. If you apply outside of your open enrollment period or other guaranteed issue situation, then you will be required to go through underwriting, which looks at your health.

If Original Medicare covers the majority of what you need but the leftover costs are too much, a Medigap policy is just what you need. There are several different categories of Medicare supplements that differ by coverage. Each plan category is labeled a different letter of the alphabet such as C, D F G or N.

However, do be aware that if you need prescription drug coverage you will need to purchase a Part D plan.

To learn more about buying a Medigap policy, please schedule an appointment to discuss your specific situation.