Medicare Supplements
We’ll Help You Navigate Medicare Supplemental Insurance
For many beneficiaries, coverage doesn’t end at Medicare. The agents at Oak Haven Insurance are here to help navigate Medicare Supplemental Insurance (also known as Medigap plans). Additional Medicare coverage can be difficult and cost a pretty penny. When you work with us, we’ll help you skip the hassles and get the best deal on Medicare Supplemental insurance.
Why People Buy Medicare Supplements
In general, Original Medicare pays 80% of your doctor and hospital bills. What about the rest? Many beneficiaries decide to buy a Medicare Supplement plan to fill the remaining “gaps” in coverage. Here are some benefits of obtaining this insurance:
✔ Helps lower your out-of-pocket costs
✔ You can keep your own doctor — as long as they accept Medicare
✔ No referrals are required
✔ Full coverage travels with you ANYWHERE in the U.S.
What to Know About Medicare Supplements
Before you purchase a plan, there are some things you should know:
- You must have Medicare Parts A and B.
- A Medicare Supplement plan is not the same as a Medicare Advantage plan. Those programs are another way of getting your Medicare benefits, while a Medigap plan “supplements” your Original Medicare benefits.
- You pay the private insurer a monthly premium for your coverage. You pay this amount in addition to the standard monthly premium for Part B, which is $148.50 in 2021.
- A Medigap plan covers one person. If you AND your spouse both want coverage, you’ll need to buy separate plans.
- You can purchase a plan from any insurer that’s licensed in your state.
- Any standardized plan is guaranteed renewable even if you have health issues. As long as you pay your premiums, the insurance company cannot cancel your plan.
- If you’d like prescription drug coverage, we suggest you join a stand-alone Medicare Part D plan.
Get the right coverage at the right price.
Costs of Medicare Supplements
Each insurer determines how it will charge consumers for its Medigap plans. How they set the price impacts how much you pay. The rates are subject to change, but the policies can be “rated” or priced in three ways:
Community or no age-rated
Whether you purchase a plan at age 66 or 76, your rates won’t change. Your premium can go up, but not because of your age.
Issue or entry age-rated
Your rate is based on your age when you’re first issued a Medicare Supplement plan. Inflation may cause premiums to increase, but your age will not.
Attained-age-rated
Your rate is based on your current age when you sign up, and it will keep going up as you get older. Your plan’s premium may also increase because of inflation.
Medicare Supplements Don’t Cover Everything
While a Medigap policy is a nice addition to your Original Medicare benefits, know that even Plan F, Plan G, and Plan N policies generally don’t cover vision or dental care, hearing aids, eyeglasses, long-term care, or private-duty nursing.
We’re on Your Side.
Finding the right Medicare Supplement plan as a senior doesn’t have to be intimidating or time-consuming. The agents at Oak Haven Insurance are on your side. Contact us today to see how we can guide you when finding both Medicare and Medigap coverage.
