Project Description

Are you retired and wondering how to access the best healthcare coverage for your golden years? There isn’t a one-size-fits-all answer for every person – you need to consider personal circumstances and compare available plans. Even though the Medicare industry is a bit confusing, the best thing you can do is learn about your options before locking in a plan.

Original Medicare coverage is designed to provide full health coverage, with multiple parts working together to pay for both general healthcare and hospitalization services. But many people experience gaps in their coverage, resulting in high out-of-pocket expenses for necessary services and treatments.

If you need a little more coverage, then you might consider picking up a Medicare Supplement plan – commonly known as a Medigap plan. The combination of Medicare Parts A & B, with a Medigap plan often results in the lowest out-of-pocket costs, especially for people with ongoing medical treatments.

The purpose of adding a Medicare supplement plan is to access funding for expenses that Medicare doesn’t pay, such as deductibles, co-pays, and co-insurance. Also, people often choose to add a Medicare Part D plan to help cover the cost of prescriptions.

Premiums for Medicare Supplement Plans

These Supplement Plans are available through private Medicare providers, giving you the flexibility to shop around to find the services that match your preferences. When you purchase a Medigap plan, the monthly premiums vary depending on different factors:

• Geographic location
• Age
• Gender
• Tobacco use
• Household eligibility

You’ll pay a monthly premium for additional insurance. When medical bills are due, Medicare covers the typical portion the expenses. Then, the supplement coverage kicks in to minimize your remaining out-of-pocket costs.

Open Enrollment for Medicare Supplement Plans

If you want to sign up for a Medigap plan, then you need to be ready when your open enrollment period is available. This enrollment period varies for each person. Here are a few things you need to know about enrolling for Medicare Supplement plans:

• Your Medicare Supplement Open Enrollment period starts when your Medicare Part B coverage is activated. Enrollment is open for 6 months.
• Most people only have one opportunity to sign up for a Medigap plan without being subject to a health questionnaire through the insurance provider.
• Suppose you are still working at the age of 65 and forgo your opportunity to sign up for a Medicare Supplement plan. In that case, you will have another open enrollment period when you stop working and Medicare Part B begins.
• Since insurance companies have no requirements to accept your application outside of this open enrollment period, you might be denied coverage if you miss this enrollment period.
• You might have the option to add Medicare Supplement coverage during the Annual Election Period in future years. But you will be subject to the underwriting process – including health questions from the insurance company.

Don’t Miss Medicare Open Enrollment

You have access to excellent healthcare coverage through Original Medicare, as well as Medigap and Medicare Advantage plans. But you must sign up for these services during the open enrollment periods.

The most effective solution to ensure you have optimal coverage for your unique needs is by talking to an insurance agent. We’re here to answer your questions and provide guidance when choosing insurance coverage for retirement.