Medicare Supplement Insurance Basics
Why you might choose a Medicare Supplement ?
Because Original Medicare only pays for about 80% of your costs. Medicare Supplement (also known as Medigap) picks up costs Original Medicare doesn’t pay, like copays, deductibles, and coinsurance (Need to know more about copays, deductibles, and coinsurance? Learn more here). It provides a consistent monthly bill you can budget for, and it can never be canceled and will always be renewed for as long as you pay your premium timely.
Is a Medicare Supplement Insurance policy right for you?
It's a great option for you if...
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You have already or intend to enroll on Original Medicare (Parts A and B).
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You would like to have coverage for the gaps left in Original Medicare.
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You are more comfortable with a consistent monthly premium than risking the possibility of a large, unexpected medical expense.
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You would like to see ANY doctor who accepts Medicare ANYWHERE in the country without a referral.
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You prefer the peace of mind of knowing you have coverage no matter where you travel worldwide.
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You prefer to be able to select your preferred dental and vision plans.
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You want to have the comfort of knowing that your insurance can never be canceled, as long the premiums are paid on time.
It is not the best option for you if...
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You do not intend on enrolling in Original Medicare (Parts A and B).
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Your employer or union helps cover the out of pocket costs not covered by Medicare Parts A and B.
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You have enrolled or intend to enroll in a Medicare Advantage Plan.
When are you eligible to apply for Medicare Supplement Insurance?
Your Medicare Supplement open enrollment period is a critical time to secure coverage without facing any medical underwriting or pre-existing condition restrictions. This period begins when you turn 65 or enroll in Part B, and lasts for 6 months. During this time, you have guaranteed acceptance into a Medicare Supplement policy of your choice, regardless of any pre-existing health conditions.
After the open enrollment period ends, you may still be able to apply for coverage, but you may face medical underwriting and potential denial of coverage. If you do not qualify for Medicare Supplement insurance, there are other options available to you, which our Independent Legacy Advisors can help you explore.
It's important to take advantage of the open enrollment period to secure the most comprehensive and affordable coverage for your healthcare needs. Contact us today to discuss your Medicare Supplement options.
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Which Medicare Supplement plan is best for me?
The Medicare Supplement plans are standardized by the federal government, and each plan is identified by a letter of the alphabet. These plans offer different levels of coverage and benefits, and the premiums are reflective of the benefit levels. You can see a chart outlining the plans and benefit levels on our website here.
At Foundation Legacy Advisors, we work with several top insurers in the country who offer Medicare Supplement plans. Although the plans themselves are identical across all insurers, there can be differences in premiums, underwriting, and claims service. Our experienced Legacy Advisors can help you identify the company that will best fit your needs based on your unique circumstances. Click the button below to request a quote and get started!
