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Many seniors are surprised when they discover that Medicare is not free and does not cover everything. One popular way to solve this problem is to enroll in a Medicare Supplement (Medigap) policy.
Find out if a Medigap Plan G or another supplemental plan can help you with the copays, deductibles, and coinsurance not covered by Medicare A and B.
Medicare Supplement, or Medigap, is an optional health insurance policy that works with Original Medicare (A and B). There are 10 Medigap plans available in most states, identified by letters A, B, C, D, F, G, K, L, M, and N. We know that all the letters and parts can be confusing!
These plans pay some or all of the out-of-pocket costs associated with Medicare. Some even cover a percentage of healthcare costs if you need emergency care while traveling abroad.
You pay a premium for the Medicare Supplement plan. Then, when you have a health issue, Original Medicare benefits pay their share first before the Supplement benefits kick in and pay the remainder.
The premiums will vary based on your age, location, gender, and health, as well as the particular plan and company you buy from. They tend to range from $100 to $150 per month.
Many learn about their Medigap Open Enrollment Period when it is too late. If you’re new to Medicare, we will explain the best time to get a Medigap policy. Please note: this is different from the Annual Enrollment Period that runs from October 15 to December 7.
Once you have Parts A and B, you can get a Medigap plan. The month you are both 65 and enrolled in Part B begins your Medigap Open Enrollment Period (OEP). This is the right time to apply because you won’t have to answer medical questions to qualify. During your Medigap OEP, insurance companies can’t deny you a policy—no matter your health status. And, you can get ANY plan that’s sold in your state, at the lowest available rate.
What’s the catch? Your Medigap OEP is generally a one-time event that only lasts for 6 months.
Medigap is not the same as Medicare Advantage. So just like Original Medicare, Medigap does not cover everything. Examples include
If you travel often, own multiple homes, anticipate more frequent trips to the doctor and/or you don’t mind paying an upfront fee for good coverage, a Medigap plan may be right for you.
Overton Agency would be glad to help you compare plans and find the best blend of price and coverage to fit your situation. Call 501-881-2050 to get started.
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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. Currently, we represent 8 organizations which offer 72 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance program (SHIP) to get information on all your options.
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