WHAT IS A MEDICARE SUPPLEMENT PLAN?
Medicare supplements are just like they sound, private policies that supplement Medicare. An individual will need both Medicare Parts A and B insurance coverage for health-related expenses before they can purchase a supplement. Since Medicare does not cover all of the health care costs they may incur a Medicare Supplement plan, sometimes called “Medigap,” can help pay for those health care costs that Medicare doesn’t cover. These include out-of-pocket expenses such as copayments, coinsurance and deductibles.
The best time to buy a Medigap policy is during the Medigap Open Enrollment
Period. This period lasts for 6 months and begins on the first day of the month in which an insured is both 65 (or older) and enrolled in Medicare Part B. During this open enrollment period an insured cannot be turned down due to medical reasons.
Health care and out-of-pocket costs for Medicare participants are on the rise, a Medicare Supplement plan will offset these unpaid costs and set an insureds mind at ease.
An individual will need to purchase a separate standalone prescription drug plan at this time.
Everyone’s situation when becoming eligible to enroll in medicare will not be the same so contact Diversified Insurance Broker, Inc. medicare department so we can find the best medicare product for your client.
WHAT DOES A MEDICARE SUPPLEMENT PLAN COVER?
Medicare Supplement plans will pay for the costs that you would normally pay out of your own pocket. But the costs paid will different and depend on which Medicare Supplement plan you select.
Diversified Insurance Brokers, Inc. offers the four most popular supplemental insurance plans designed to meet your needs and fit your budget. They include:
- Plan A: This plan includes basic benefits to help with copayments for services covered under Medicare Parts A and B.
- Plan B: Available only in Pennsylvania, this plan provides the same benefits as Plan A but also pays your Medicare Part A hospital deductible.
- Plan F: This plan offers the most coverage of all our Medicare Supplement plans. It covers all out-of-pocket costs for medical expenses covered by your Medicare Supplement insurance. Beginning Jan. 1, 2020, this plan will no longer be available to those becoming newly eligible for coverage.
- Plan G: Beginning Jan. 1, 2020, Plan G will be the go-to plan for new Medicare enrollees. It includes the same basic benefits as Plan F, including Part B excess charges and Foreign Travel Emergency coverage.
- Plan N: This is our middle-of-the-road coverage offering. Under Plan N, you’ll pay a lower premium in exchange for taking on a small annual deductible and some copayments. It covers your Medicare Part B copays, as well as your hospital deductible, copays and coinsurance.