A Guide to Medicare Supplement Insurance for Seniors over 65
Congratulations on turning 65! Turning this age means you are eligible for Medicare. However, many people don’t understand the nuances of Medicare and what they need to do to protect themselves. That’s where Medicare Supplement Insurance (Medigap) comes in. Medigap is supplemental coverage that can help cover out-of-pocket costs associated with hospital stays, doctor visits, prescription drugs, and more. Let’s take a look at how Medigap works and why it’s important for seniors turning 65.
What Does Medigap Cover?
The purpose of Medigap is to help you pay for things that Original Medicare does not cover, such as copayments, coinsurance, and deductibles. Each plan is slightly different but generally speaking there are 10 different plans available that include all or some combination of the items listed below:
* Part A Coinsurance costs up to an additional 365 days after your Original Medicare benefits end
* Part B Copayment/Coinsurance costs
* Blood (first three pints)
* Hospice Care Coinsurance/Copayment Costs
* Skilled Nursing Facility Care Coinsurance Costs * Part A Deductible Costs * Part B Deductible Costs * Excess Charges (for Part B services) * Foreign Travel Emergency Expenses
It’s important to note that while these plans may offer coverage for these expenses, they do not cover long-term care or vision or dental services. It is also important to remember that Medigap plans only cover one person—not two people—so if you and your spouse both need supplemental coverage, you will each need your own plan.
How Do I Sign Up For Medigap?
Signing up for Medigap is relatively straightforward. You must first be enrolled in Original Medicare Parts A & B (or have an approved application pending). Once you have done that, you can shop around with private insurers who offer various types of Medigap policies in your state. It is important to compare the different options available so you can find the best fit for your needs and budget. You should also take into account any pre-existing conditions when selecting a policy as those may affect which type of plan you qualify for and how much it costs.
Additionally, it’s important to remember that there are certain time periods when you can enroll in a Medigap policy without having to answer health questions or provide proof of good health; this period is known as your 6-month open enrollment period and begins when you turn 65 (even if you aren’t currently enrolled in Original Medicare). This window allows anyone turning 65 the opportunity to sign up without being denied due to pre-existing conditions or other factors outside their control. Remember – signing up during this window guarantees acceptance regardless of health status! After day 183 past your initial enrollment date into Part B (or during the last 6 months before the birthday month), this guarantee no longer applies so make sure you act fast!
Now that we know why it’s important for senior citizens turning 65 to consider signing up for a Medigap plan let’s review what we’ve learned today: 1) What does a Medigap policy cover? 2) How do I sign up for a policy? 3) What should I consider when selecting a policy? 4) What is my 6-month open enrollment period? By familiarizing yourself with these topics prior to signing up for a policy will save both time and money by ensuring that you get exactly what fits your needs at an affordable price point! Good luck on finding the perfect plan!
