Medicare Supplement Plans

Medicare Supplement Insurance, also known as Medigap, is additional insurance sold by private insurance companies. It works alongside Original Medicare to help pay certain costs that Medicare Part A and Part B do not fully cover.

Depending on the Medicare Supplement plan you choose, coverage may help with expenses such as:

• Medicare Part A coinsurance and hospital costs
• Medicare Part B coinsurance or copayments
• Blood costs for the first three pints
• Skilled nursing facility care coinsurance
• Medicare Part A deductible
• Medicare Part B deductible for eligible older plans
• Medicare Part B excess charges
• Emergency medical care during certain foreign travel

The benefits included depend on the lettered plan selected. Not every plan provides the same level of coverage and not every plan may be available in every state.

To purchase a Medicare Supplement policy, you must generally be enrolled in Original Medicare Part A and Part B. Medicare pays its approved share of covered healthcare costs first. Your Medicare Supplement policy then helps pay certain remaining costs according to the benefits included in your plan.

Medicare Supplement policies are standardized in most states and identified by letters such as Plan A, Plan G and Plan N. Plans with the same letter provide the same basic benefits, regardless of which insurance company sells them. However, premiums, customer service and available discounts may differ between insurance companies.

Medicare Supplement Insurance is different from Medicare Advantage. A Medicare Advantage plan replaces the way you receive your Medicare Part A and Part B benefits, while a Medicare Supplement policy works alongside Original Medicare. You cannot use a Medicare Supplement policy to cover Medicare Advantage plan costs.

Medicare Supplement policies also generally do not include prescription drug coverage. Individuals who need help paying for medications may need to enroll separately in a Medicare Part D prescription drug plan.

Medicare Supplement Insurance may be suitable for individuals who prefer the flexibility of Original Medicare but want additional help managing healthcare expenses.

It may be worth considering if you:

• Want help paying certain Medicare deductibles and coinsurance
• Prefer access to providers who accept Medicare without relying on a local network
• Travel regularly within the United States
• Want more predictable healthcare expenses
• Expect to use hospital, physician or specialist services frequently
• Are comfortable purchasing prescription drug coverage separately if needed

Your health needs, monthly budget and preferred level of financial protection should all be considered before choosing a policy.

The best time to purchase a Medicare Supplement policy is generally during your six-month Medigap Open Enrollment Period. This period begins on the first day of the month in which you are age 65 or older and enrolled in Medicare Part B.

During this period, you generally have the right to purchase any Medicare Supplement policy available to you without being denied or charged more because of health conditions. After this enrollment period ends, your options may be limited and an insurance company may use medical underwriting when reviewing your application, unless you qualify for certain guaranteed issue rights.

Choosing a Medicare Supplement plan involves more than comparing monthly premiums. It is important to understand which costs each plan covers, how the available options differ and whether the policy supports your healthcare and financial priorities.

Effective Insurance Solutions can help you review Medicare Supplement plans offered by the insurance companies we represent and explain the benefits in clear, straightforward language.

Call Effective Insurance Solutions at (956) 687-1717 or contact us to schedule a professional consultation.