What is Medicare Supplement Insurance (Medigap)?
Medicare Supplement insurance is often also referred to as “Medigap”. It is an insurance plan provided by private companies to cover costs that Part A and B do not cover. Below are some key points about Mediap:
- Enrollment in Part A and B is mandatory to enroll in Medigap.
- In addition to paying a premium for Part B, there is also a premium for Medigap.
- Plans sold after Jan. 1, 2006 do not provide coverage for prescription drugs. For drug coverage, enrollment in Part D is necessary.
- One cannot be enrolled in both Medicare Advantage and Medigap at once.
- Items not covered under Medigap include long-term care, vision care, dental care, hearing aids, eyeglasses or private nursing. Moreover, Medigap plans should not be confused with HMP, PPO, Fee-for-Service Plan, Medicaid, employer plans, TRICARE, Veterans’ benefits, long-term care policies, Indian Health Service, Tribal and Urban Indian Plans which are different.
Enrollment Times for Medicare Supplement
| Stage of Life | Enrollment Periods |
|---|---|
| Just turned 65 |
|
| Just turned 65 but has a disability |
|
| Turned 65 and eligible for Medicare as a result of disability |
|
| Enrolled in Part A. Enrolled in Part B from Jan. 1 to Mar. 31 |
|
| Do not have Part A, but enrolled in Part B between Jan. 1 and Mar. 31 |
|
| Open Enrollment Period |
|
| Part C Disenrollment Timings |
|
Important Questions to Ask When Shopping for a Medicare Supplement Plan
- When I enroll in this plan, what additional benefits will I get?
- What is the monthly premium associated with this plan?
- Is the plan community-rated, issue-age rate or attained-age rated?
- Is vision care, hearing care, dental coverage and prescription drug coverage included in the plan?
- Will there be out of pocket costs?
- If I leave my area or move, will I still be covered?
- What are the financials associated with my plan? (e.g. premiums, deductibles and copayments)
- What additional coverage do I have in comparison to Part A and B?
- Will the plan cover my prescription drugs?
- What will happen to my old plan once I enroll in a new supplement plan?
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