Client: Who is eligible for Medicare Supplement insurance?
Penny: If you’re over 65 and enrolled in Medicare Part A and Part B, you can apply for Medicare Supplement insurance. An open enrollment period occurs within 6 months of obtaining Medicare Part B, and you can apply for a Medicare Supplement policy without having to answer health questions- this is your guaranteed issue period.
If you are not in your open enrollment period or are not eligible for guaranteed issue, you will have to answer health questions in order to qualify. Those individuals within their open enrollment period or eligible for guaranteed issue would not need to answer the health questions to qualify.
Client: Is Medicare Supplement insurance required?
Penny: No, you don’t have to have supplemental insurance with Medicare. Medicare Supplement insurance is an add-on, just like Medicare Part D, which covers prescriptions.
However, you may want elect to add supplemental coverage to your Original Medicare or Medicare Advantage plans to limit your out-of-pocket exposure to medical costs.
Client: Do I need Medicare Supplement insurance?
Penny: Just like many healthcare coverage decisions, this is a personal one. Original Medicare has deductibles and copays built within Part A and Part B. If you do not want to be responsible for those deductibles and copays, add a Medicare Supplement policy to cover those costs.
Client: What does Medicare Supplement insurance cover?
Penny: It covers many copays, deductibles, coinsurance, and hospice care. But Medicare Supplement policies do not usually cover dental, vision, hearing, long-term care, and private-duty nursing care.
In terms of Medico’s coverage, as long as Medicare would pay for your medical services, Medico’s Medicare Supplement plan would cover services related to those conditions.
Client: Who pays first, Medicare or supplemental insurance?
Penny: Medicare Part A and B pay first, then Medicare Supplement insurance kicks in to help cover the gaps. Most healthcare providers have signed an agreement with Medicare to accept all Medicare-covered services and bill accordingly, but always check with your doctor or provider before receiving treatment if you’re unsure.
Client: How do I choose which Medicare Supplement insurance to get?
Penny: Medicare Supplement plans come in A, B, C, D, F, G, K, L, M, and N, with varying amounts of costs and coverage, depending on the deductible level and specific plan. Premiums vary by state and plan.
First, let’s decide which benefits you want, then we can talk about which of the Medicare Supplement plans meet your needs and are available in your state. Then I can provide you a quote. Yearly Dental exams? Vision exams and glasses? Hearing tests and help with hearing aid expenses? Fitness membership at a club? Rides to doctor appointments? These are some of the questions that a Supplemental Plan can address.
Client: What is the difference between Medicare Advantage and Medicare Supplement plans?
Penny: Medicare Supplements are supplemental plans designed to cover the remaining costs, like deductibles and copays generated from Original Medicare Part A and Part B. Medicare replacement insurance is another term for Medicare Advantage (MA), and MA acts as the main payor regarding medical services received while insured under a MA plan. It replaces Original Medicare as the primary payor.
That means you cannot have Medicare Supplement insurance with MA plans, but other types of supplemental insurance, like Hospital Indemnity and First Diagnosis Cancer, pair well with MA plans. For example, this worksheet can help illustrate how Medico’s Hospital Indemnity plan fills the gaps in a MA plan.
Comments