Medicare is a health insurance program operated by the federal government. Benefits are available to qualifying individuals age 65 or older and certain disabled individuals under age 65, and those suffering from end-stage renal disease. The traditional Medicare program consists of three parts: Part A, Hospital Insurance, Part B, Medical Insurance, and Part D, Prescription Drug Coverage. There are clearly defined limits as to what Medicare will, and will not, pay.
What does Medicare Supplement insurance cover?
Policies help pay for Medicare Part A & B deductibles, co-payments, and co-insurance. Some policies also include coverage for certain health services not covered by Medicare.
What are my plan options?
In most states, there are 10 standardized plan options. Plan F is the most popular option and is the only one that includes all 9 Medigap benefits.
How are plans priced?
Insurers can charge you different prices based on the type of plan you buy and the zip code you live you in. Your health status may also affect your prices if you are outside of your open enrollment period.
Is Medicare Supplement insurance the same as a Medicare Advantage plan?
No. Medicare Supplement insurance policies help cover Medicare Part A & B out-of-pocket costs. Medicare Advantage Plans are an alternative way to get your Medicare coverage and, in some cases, additional benefits.
When can I buy a Medicare Supplement insurance policy?
Any time after you are enrolled in Medicare Parts A & B. You do not have to wait for Open Enrollment to buy a policy. The best time to buy is in the first 6 months after you are both 65 years old and enrolled in Medicare Parts A & B.
Have more questions?
Contact JM Marketing at 800-330-6223 or use the contact form on the right to learn more about Medicare Supplement plans available for NAFEC members.