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Medicare Supplement Insurance: What it is and how you use it?
Depending on the supplement you choose, Medicare Supplement Insurance pays for the portion of your medical bills that Medicare does not cover: either the Part A and B deductible and 20% remaining costs for Part B services or just the 20% of Part B services. You can choose a level of coverage so that you will have little, or no out-of-pocket costs left to pay. These plans are called “Medi-Gap” plans because they fill in the gaps left by Medicare. Starting in 2020 all supplements will require that new beneficiaries pay at least the Part B deductible.
Many private insurance companies offer Medicare Supplement Insurance. To use these plans, you simply give your doctor, or hospital, your Medicare card and your Medicare Supplement Insurance card. They will first bill Medicare to see what will be covered. Any remaining balance owed will be sent to your Medicare Supplement Insurance Provider. Together, Medicare and your supplement will usually pay all or most of your medical expenses.
Medicare Supplement Insurance Gives You Access to All Doctors and
Hospitals that Accept Medicare. That means that NO REFERRALS are required.
What Medicare Supplement Insurance costs you will vary depending on which plan you choose. We can provide you with a quote for multiple companies simply by filling out our quote request or by calling us. There are many plans available and we can help you select the plan that best fits your situation. As Medicare brokers, our services are provided at no cost to you.
Medicare Supplement Insurance is an individual choice, but one that can save you money in the long run. If you have the means to keep up with the premiums, you will have the security and peace of mind knowing that when big bills arise, you will have more than just Medicare to rely on. You will be able to control and plan your costs, which is imperative, especially if you are on a fixed income.
Prescriptions covered by Part D plan
One important fact to understand is that no Medicare Supplement plan covers prescriptions. For that you will need a separate “stand-alone” Part D plan. Most states have about 25 Part D plans from which to choose. The most cost effective for your prescriptions is usually your “best choice”. Part D plans can be changed, once per year, during the Annual Election Period, which runs between October 15 and December 7 for an effective date of the first of the new year. So, you are required to keep your same Part D plan, for the balance of the year, even if your prescriptions change during the year. We can analyze your prescriptions and give you a recommendation for the most affordable plan for your medications.