What Are The Medicare Supplement Plans Available For You?

​You may get Medicare Supplement Plans, also referred to as MedSup or Medigap, through a private insurance company. While they act as supplemental medical coverage to Original Medicare, they are not comprehensive. 

In 47 states, the Medicare Supplements come in 10 standardized plans, each with a designated letter. No matter where you buy your Medigap, the same letter plan provides the same benefits. Wisconsin, Massachusetts, and Minnesota implement their own standardized plans. 

​Basic Benefits Of Medicare Supplement Plans
These MedSup plans typically do not cover hearing aids, long-term care, dental, or vision. However, all plans have to cover certain parts of the following benefits:

• First three pints of blood for medical procedure purposes
• Medicare Part A hospice care copayments or coinsurance
• Medicare Part A costs of coinsurance and additional Medicare benefits up to one year even after they are exhausted
• Medicare Part B copayments or coinsurance 

There are also additional basic benefits from some plans. Plan F, for example, which is considered the most comprehensive standardized plan in Medicare Supplement plans, offers these benefits:

• SNF (Skilled Nursing Facility) care coinsurance
• Medicare Part A deductible
• Medicare Part B preventive care coinsurance
• Part B excess charges
• Part B deductible
• Foreign travel emergency care, which consists of up to 80% of approved costs with limits

Even though the Medicare benefits are standardized, the costs vary depending on your location and your insurance company. So, for example, Medicare Supplement Plan G offers the same coverage regardless of the place where you purchase it, the premium that you will pay depends on your insurer. Also, not all states offer all standardized lettered plans. 

Medicare Supplement Enrollment Period
The ideal time to sign up for a MedSup plan is during the open enrollment period. This comprises of a six-month period that begins on the month of your 65th birthday. You also need to have Part B first. You will not be denied or pay more if you apply during this period. 

On the other hand, you are less likely to get accepted or you may need to undergo the process of medical underwriting if you enroll for a plan in another time. 

Conclusion
If it is the right time for you to apply for a Medicare Supplement plan, make sure to compare the policies and talk to an insurance agent about it. 

At Simplified Insurance Solutions, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 340-7633 or Click Here to request a free quote.