The second in our Let's Review Series:
Let's review Medicare Supplements, Medigap policies. These optional policies you purchase once eligible/enrolled into Medicare Part A&B. These plans help pay all or most of YOUR Medicare deductibles/coinsurance on all Medicare approved charges. Every carrier MUST offer the same benefits on the plans, A-N, they decide to sell. When starting Medicare Part B you have 6 months to enroll into a Supplement with Guaranteed Issue protection (no health questions, no underwriting) Now a few bullet points:
1. You can change plans/carriers ANYTIME of the year. However, in most situations you must undergo underwriting for approval.
So DON"T WAIT until Medicare Annual Election Period (AEP).
2. Some carriers offer supplemental benefits not associated with health benefits, these can differ among carriers. Nurse hot line and Silver Sneakers are examples. WATCH FOR THESE SUPPLEMENTAL BENEFITS TO BECOME A MAJOR ROLE IN THE CARRIERS COMPETING FOR YOUR BUSINESS.
Already mid 2020 a SC carrier added $0 hearing exams and hearing aids for $699 and $999.
3. Plan F which pays 100% of all your costs for all Medicare approved charges is no longer offered to anyone new to Medicare Part A&B as of 1/1/2020. However, anyone with Medicare before that date can submit an application for Plan F with a new carrier offering Plan F at a lower premium.
4. Premiums typically bump up each year. In some states such as SC twice a year-at birthday and annual rate adjustment for all members.
5. There are some additional times you maybe eligible to purchase a supplement as a Guaranteed Issue right:
A. When first eligible for Part A&B you enrolled into a Medicare Advantage Part C, within 12 months you can opt to cancel Part C, and enroll into a supplement. For Guaranteed Issue rights, specific paperwork is required. Don't cancel or make this decision until you completely understand the how and when.
B. You are enrolled into a Part C plan and you move out of that plans service area. For Guaranteed Issue rights, specific paperwork
6. Supplements do not have network requirements. you can see any doctor as long as that doctor agrees to bill Medicare.
7. Supplements offer benefits NOT offered by Original Medicare such as out of US coverage, and an additional year of hospitalization after your 60 lifetime reserve days have been used.
8. Not all carriers offer all plans.
9. Rates vary with each carrier and can be based on gender, tobacco use, and county.
10. If you have a Part C plan and want to enroll into a Medicare Supplement, I recommend we submit the application no later than 1st of October.
Email [email protected]
Call/text 706.394.2605 for a current rate on specific Supplement plans A-N.