As you age, your personal coverage needs often change as well. Fortunately, Lucleon Insurance can help you look out for you best interest and help you make sense of all Medicare options, including Medigap Medicare Supplement plans.
A Medigap, also known as Medicare Supplement Plan, policy is a private health insurance that helps supplement your Original Medicare policy. It does so by helping to pay for a portion of healthcare costs that your Original Medicare policy doesn’t cover. For example, co-payments, coinsurance, and deductibles which are sometimes referred to as “gaps” in Medicare coverage.
All Medigap policies must follow federal and state laws, which are designed to protect you. These laws, for example make it mandatory for all policies to be clearly identified as “Medicare Supplement Insurance”. They also state that Medigap insurance companies can only sell you a “standardized” Medigap policy. In other words, Plan F is Plan F no matter who you buy it from and Plan E is Plan E no matter who you buy it from.
Since the coverage is identical, cost is the only difference you need to take into account when deciding which insurance company to choose. The price spread is so large that premiums can actually be double for the exact same coverage! Plus, premium rates are not always stable and there is a chance of them rising in the future. For these reasons it’s important to discuss your Medicare Supplement needs with an independent insurance agency like Lucleon Insurance who represents various companies and can help you find the best policy at the best rate for you.
You will be able to choose from up to 12 different standardized Medigap Supplement Plan policies. These include Medigap Plans A through L, with some states, including Florida having a high-deductible Plan F policy.
The most popular Medicare Supplement policy is Plan F because it provides the most comprehensive coverage. You must however make a trade-off in cost for as Plan F is the most expensive plan. Though, with the high-deductible Plan F option the monthly premium is typically lower than other plans. Take a look at the chat below to see a comparison of the Medicare Supplement Plans.
You are eligible for Medigap insurance if you have both Medicare Parts A and B. The ideal time to enroll is during the Medigap open enrollment period (OEP). This period lasts six months and begins the first day of the month in which you are 65 or older and enrolled in Medicare Part B. So, if you turn 65 on April 5 but don’t join Medicare B until May 23, your Medigap OEP will start on June 1, which is the first day of the month in which you are both 65 and enrolled in Part B. If you wait until this period is over, you have to go through medical underwriting to determine whether you can enroll in a plan.
By rule, there are no Medicare Supplement insurance plans sold today that cover prescription drugs. Medicare Part D drug plans must be purchased on a stand-alone basis and cannot be bundled with your Medicare supplement. It’s wise to shop for Part D drug plans independently of your Medicare supplement insurance to find the most suitable coverage based on your prescription medicine needs.
To have full rounded healthcare with Medicare you will need four policy types. The first two come when you enroll in Medicare Parts A & B with the government. The third is your purchase of a Medicare supplement (like Plans F, G, or N) and the fourth is your stand-alone Part D drug plan from a private insurance company. Two pieces come from the government and two pieces come from private insurance companies and are offered by agencies like Lucleon Insurance. Once all four coverages are in place, you are set for excellent health coverage! Making risk a thing of the past.
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