Medicare Supplemental & Medigap Coverage
Find the right Medicare Supplemental & Medigap Coverage in one place! Fill out the form above to the the different types of coverage just for you.
All seniors need Medicare supplemental coverage. Even though, at age 65, senior citizens are automatically enrolled in Medicare Part A, this is for hospitalization only. With the cost of doctor visits, other outpatient services and prescription drugs, it is unrealistic to not have some kind of Medicare supplement coverage or Medigap coverage.
Medicare supplement coverage Part B is not required for seniors. However, for every 12 months of not being enrolled in Part B after age 65, a person will be penalized. The worst part of the penalty is that it lasts for the rest of that person’s life. The amount of the penalty is 10 percent of the monthly premium which is $99.90. So it is more cost effective to bite the bullet and enroll in Medicare Part B from the beginning. Part B covers outpatient services like physical therapy, diabetes testing, cancer screenings, preventative medicine, doctor visits and medical equipment.
Another aspect of Part B is income level. For a retiree with an adjusted gross income over $85,000 or $170,000 for a married couple, the monthly premium will be 40 percent higher.
Medicare supplemental coverage Part C is designed to be the equivalent of Medicare supplement coverage Parts A and B. In some Part C plans, the coverage exceeds Medicare Parts A and B. Some Part C plans even have a certain amount of prescription coverage. Part C plans are private insurers who agree to adhere to Medicare’s standards and regulations. The one thing to be aware of in selecting Part C supplemental insurance is that it basically cancels out any Medigap coverage that a person may have. If a senior signs up for Part C or Medicare Advantage, as it is also called, he or she should drop Medigap coverage because it will not pay out benefits if Medicare Advantage is also in effect.
Medicare supplemental coverage Part D is Medicare’s prescription drug benefit. It is provided by a private insurer. This coverage is complicated, and it is important that anyone signing up for Part D be aware of its limits, deductibles and coverage’s. The insured pays a deductible yearly of less than $500. After that, depending upon the particular Part D plan, prescriptions are covered partially or completely until the costs equal $2,830 annually. Then the insured is in “Part D No Man’s Land” and must pay the full cost of prescriptions until they equal $4,550 in one year. After that amount is reached, Part D pays 95 percent of the prescription charges.
Medigap is another supplemental coverage that can be beneficial to seniors as long as they do not have Part C Medicare Advantage. Medigap will not pay out if the insured also has Part C. Medigap is completely private insurance with 12 policies to choose from. Medigap policies must adhere to government guidelines. Starting with Medigap Policy A, more coverage’s are added as the potential buyers go through the alphabet. Massachusetts, Wisconsin and Minnesota have different Medigap policies than the rest of the states. Another important consideration with Medigap is that spouses must purchase separate policies.
When a person is approaching age 65 and getting ready to retire, choosing the right health care coverage is everything. He or she will definitely want to purchase Part B Medicare coverage. Or that individual can enroll in a Part C plan to have at least the equivalent of Parts A and B. The retiree may be interested in Part D coverage or Medigap, instead of Medicare Advantage Part C coverage. It all depends upon the specific needs and income level of the retiree.