What You Should Know About Medicare Supplements

​Medicare Supplement plans, or popularly known as Medigap, are designed to help fill the gaps in Original Medicare benefits. Each program in Medicare Supplements offers different services and has different premiums. A Medicare Supplement Insurance helps pay the remaining health care costs like copayments, coinsurance, and deductibles.

Qualifying in Medicare Supplements
The Medigap Policies requires seniors to have Medicare (Part A & B) first to meet the Medicare Eligibility Requirements. Individuals must also be at 65 years of age to qualify. Considering that states regulate these plans, seniors must get a program in a state where they reside.

Individuals should note that coverage is restricted if the plan is purchased more than six months after enrolling in Medicare. During this time, insurance companies are required to accept applicants regardless of their pre-existing conditions. 

Benefits of Medicare Supplements
With ten different plans, the benefits of Medicare Supplements extend to the benefits of Original Medicare. Each offers an extra level of service, and seniors make lower payments for their medical costs. For example, skilled nursing care can be covered up to 100% for 20 days and approximately 80% for 80 more days.

Generally, no Medicare Supplement Insurance covers assisted living, memory care, or other forms of non-medical care. Also, any standardized Medicare Supplement policy is guaranteed to be renewable as long as you pay the premium. 

Insurance plans that are not Medicare Supplements 
Medigap policies do not cover everything. Excluded in the coverage are long-term care, vision or dental care, hearing aids, or private nursing. Below are the types of insurance that are not Medigap plans:

• Medicare Prescription Drug Plans
• Medicaid
• Medicare Advantage Plans
• Veterans' benefits
• Long-term care insurance policies

Cost of Supplemental Medicare Plans
The cost differs for each of the plans. The average cost of Medigap varies depending on the insurance companies because they have three ways to price the plans:

1. Community-rated - Premiums are not based on age.
2. Issue-age-rated - The monthly premium will be based on the age at which the policy is purchased.
3. Attained-age-rated - The premiums will increase with age.

Shopping for a Medicare Supplement is an excellent strategy to find the best insurance provider. When comparing plans, always ask the insurance agent how the policies are priced. The average monthly rate for a Medicare Supplement plan is under $200.

At Art of Medicare, 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 (702) 776-7726 or Click Here to request a free quote.