What are Medicare Supplements?
Medicare Supplement Insurance, also known as Medigap coverage, is extra insurance you can buy from private insurance companies to help pay your share of the out-of-pocket costs of Medicare Part A and B. It is not possible to have a Medicare Advantage Plan and a Supplement plan at the same time. You must choose one or the other.
What is Included in Medicare Supplements?
Medicare Supplement insurance helps to cover the out-of-pocket costs of original Medicare including:
Copayments
Co-insurances
Deductibles
Medigap does not cover long-term care, vision or dental care, or private-duty nursing.
Eligibility for Medicare Supplements
You must have Medicare Part A and B to buy Medigap coverage. This is important because Medigap coverage is designed to supplement the coverage provided by these original Medicare components.
For help building the right Medicare plan for your lifestyle and medical needs, call MK.
Enrollment Period for Medicare Supplements
Medigap Open Enrollment begins the first month you have Medicare Part B and you’re 65 or older. During the 6 months after you enroll into Part B, you may enroll in any Medigap (Supplement) plan and cannot be denied based on pre-existing conditions. Supplements offer nationwide coverage.
Don’t miss your Medigap Open Enrollment.
Penalty for Medicare Supplements
While there is no penalty for missing your Medigap open enrollment you may not be able to buy a Medigap policy or it may cost much more after this time. Insurance companies can deny you based on preexisting conditions or charge more for your coverage if you enroll after your enrollment period.
Cost of Medicare Supplements
The cost of different Medigap Insurance options varies greatly. Let MK help you compare your Medigap options and make sure you get all possible discounts and benefits.
Secure your peace of mind in selecting Medicare with a free consultation.
MK will help you navigate the options, offering personalized insights and a reassuring hand to guide you through the process.