More About Medicare Supplements
Medicare Supplement Plans (aka Medigap)
Continued from the MEDICARE EXPLAINED page:
Of all the available Medigap plans, the most popular have been Plan F, Plan G,
and Plan N.
Plan F will no longer be offered to Newly Eligible Medicare Beneficiaries
as of January 1, 2020.
However, Plan F may still be sold to those who became eligible for Medicare
prior to January 1, 2020. Also, policyholders currently in Plan F may keep Plan F as long as premiums continue to be paid. (The same holds for Plan C).
The reason for this change regarding Plan F and Plan C is that Congress passed a law in 2015 known as MACRA that, once enacted in 2020, would prevent newly eligible beneficiaries from purchasing any plan that covers the Medicare Part B Annual Deductible. Congress felt that by forcing beneficiaries to pay that relatively small dollar amount, it would help to deter abuse of the system and save money for Medicare.
With this information in mind, you can now see that the population of policyholders in Plan F will be made up of only older Medicare beneficiaries. Since an older population is more likely to need healthcare, it is expected that the premium rates for Plan F will rise accordingly and more rapidly.
In comparison, the remaining plans that continue to bring in new 65 year olds, who are more likely to be healthier, should see more stable rates.
Plans such as Plan G and Plan N.
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The Chart Below compares Plan F, Plan G, and Plan N and talks about the
High Deductible Plan G. The chart shows the available benefits and which plan letters cover which benefits.
No Action Needed During Annual Enrollment Period
No Action Needed During Annual Enrollment Period
No Action Needed During Annual Enrollment Period
You may have seen or heard advertisements regarding the Medicare Annual Enrollment Period.
AEP takes place every year
between October 15 and December 7.
HOWEVER, the Medicare Annual Enrollment Period (AEP)
has NOTHING to do with Medigap (Medicare Supplements).
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The AEP (Annual Enrollment Period)
is ONLY for Medicare Advantage Plans
and Prescription Drug Plans.
Available 365 Days per Year
No Action Needed During Annual Enrollment Period
No Action Needed During Annual Enrollment Period
Medicare Supplements can be purchased ALL YEAR ROUND.
365 Days Per Year.
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Other than your own personal 6-month Medigap Open Enrollment Period,
there are no enrollment periods for Medigap plans.
But medical underwriting, meaning health condition questions, will be required in all cases except during your Medigap Open Enrollment Period OR when there is a Guaranteed Issue Scenario.
Individual Medigap Open Enrollment Period
No Action Needed During Annual Enrollment Period
Individual Medigap Open Enrollment Period
Although Medicare Supplements can
be purchased All Year Round,
the Individual Medigap Open Enrollment Period is a
6-Month period
that automatically begins on
the 1st day of the month you turn 65
AND are enrolled in Part B.
Since you only turn 65 once, this is
a ONE-TIME, Guaranteed Right.
During this One-Time, 6-Month period you may enroll in any Medicare Supplement plan available to you and the insurance companies cannot deny you coverage or charge you a higher premium due to health reasons.
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If you delay taking Part B beyond age 65, then your 6-month Medigap Open Enrollment Period will begin on the date that you eventually take Part B,
irrespective of your age at that time.
However, you will be charged the current rate for your current age.
Guaranteed Issue Rights
Guaranteed Issue Rights
Individual Medigap Open Enrollment Period
If you miss your Individual Medigap Open Enrollment Period you will
likely have to answer medical underwriting health questions about your medical history and prescription medications when applying for a Medicare Supplement.
However, there are certain circumstances in which you may have Guaranteed Issue Rights or Trial Rights.
Guaranteed Renewable
Guaranteed Issue Rights
Guaranteed Renewable
Medicare Supplements are Guaranteed Renewable Year after Year as long as premiums are paid.
And...Unlike Medicare Advantage Plans,
with Medicare Supplements,
NOTHING CHANGES from year to year
about the Coverage or Benefits.
No Annual Homework
Guaranteed Issue Rights
Guaranteed Renewable
With Medicare Supplements there is
No Annual Notice Of Change.
No Annual Homework to do.
No worries about Doctors or Hospitals dropping out of plans.
Anywhere in the U.S.A.
Foreign Travel Emergencies
Foreign Travel Emergencies
Remember,
With ORIGINAL MEDICARE
and Medicare Supplements,
you can go to ANY Doctor
and ANY Hospital
Anywhere in the U.S.A.
and ALL of it's Territories,
As long as they accept Medicare.
This is great for people that travel often,
those with homes in 2 or more states,
those that visit family in other states for extended periods of time,
and those seeking specialized medical treatments such as cancer treatment
at the Top Cancer Centers in the nation.
This is NOT just for emergencies,
but for everyday medical care.
Foreign Travel Emergencies
Foreign Travel Emergencies
Foreign Travel Emergencies
The most popular Medicare Supplement Plans also include coverage for
Foreign Travel Emergencies.
Medigap Plan F, Plan G and Plan N
will pay up to 80% of your
medical emergency costs
after a $250 deductible.
However, there are limitations.
This coverage is only for emergencies
during the first 60 days that you
are out of the country.
It is also limited to
a Lifetime benefit of $50,000.
Foreign healthcare providers will most likely not bill Medicare, so you should keep receipts for all of your care to submit for reimbursement.