Medicare Supplements

Medicare Supplements, sometimes referred to as ‘Medi-Gap’ insurance policies, are designed to cover the gaps in Original Medicare (Medicare Part A and Part B). Medicare Supplements are offered by private insurance companies and are available in a wide range of plans. These plans have been Standardized by Center of Medicare Services (CMS), so that the plans offer the same benefits between insurance carriers. If you are comparing ‘Plan G’ with ABC company – then Plan G with the XYZ company has to offer the same benefits. This makes comparison shopping easier since the benefits are identical.

While original Medicare pays for a sizable portion of the healthcare services, you will need a Supplement to cover ‘out of pocket expenses’ you are exposed to, such as coinsurance, copays, etc., which can add up without supplemental coverage.

With a Medicare Supplement you can see any Provider that accepts Medicare, there are no separate or restricted networks such as a Medicare Advantage plan. Coverage is Nationwide as you travel, you would just need to see an In Network Provider. Please review the Medicare Provider link in Quick Links.

Am I Eligible for a Medigap Plan?

To be eligible, you must be enrolled in Original Medicare Parts A & B.

You will need to pay a premium for the Supplement policy. These policies cover individuals not couples, so both spouses must have a
policy. You must also be in one of the following categories:

• Age 65 and older.
• Under 65 and receiving disability benefits for 24 months.
• Under 65 and diagnosed with amyotrophic lateral sclerosis (ALS).
• Under 65 and diagnosed with end-stage renal disease (ESRD).

There is no underwriting or medical screening questions during your ‘Initial Enrollment Period’ or a ‘Special Enrollment Period’ into Medicare. You can switch or change Supplement policies after your
initial or special enrollment period ends, however there will be screening questions and underwriting to make the change. Therefore, you want to enroll in the best plan possible in case your health prevents
you from changing plans in the future.

If your Medicare Supplement company no longer offers coverage, you generally have a limited ‘Guaranteed Issue’ period, where you could purchase a policy with no medical screening or underwriting. If you are covered by a group health plan offered through your employer, you will need to decide if it is best to enroll in Medicare or continue the Employer plan. Sometimes a spouse or other dependents are also covered under the employer plan that are not Medicare eligible. We assist people making these decisions every day.

Kelley Insurance & Financial will work with you to determine your best options and course to follow. Please contact us today to easily navigate the Medicare system and enroll in the plan of your choice.