What are Medicare Supplements?
Consider an Additional Health Insurance Policy
Medicare Supplements are additional health insurance policies that you can add to your Original Medicare benefits. Medicare Part A and Part B pay for a lot, but not all, of the cost for covered medical services and supplies.
So, because Original Medicare doesn’t offer sufficient coverage, you can purchase a Medicare Supplement plan (aka Medigap policy) from a private insurance company like Cigna, Aetna, Mutual of Omaha, Humana, etc. to help fill the gaps.
"Medicare Supplement" and "Medigap" are the same type of health insurance plan.
How Do Medicare Supplements Benefit You?
Any Texas senior can benefit from this insurance. Medicare Supplement plans work with Original Medicare, and may help pay deductibles, coinsurance, and co-payments that you’d otherwise be responsible for paying out of pocket. Your benefits will depend on the plan you choose, as different plans cover different amounts of those costs.
However, a Medicare Supplement plan can offer sustained peace of mind, knowing that your policy will help extend coverage and reduce costs.
How the Coverage Works
You must stay enrolled in Parts A and B, meaning you’ll pay the $148.50 (Part B premium) as well as a monthly premium to the insurance company for your Medigap policy.
So, it’s pretty simple. Original Medicare covers you 80%, and your Medicare Supplement plan covers the rest. Since there are NO provider networks, you may take your coverage with you.
Get the right coverage at the right price.
Why Purchase a Medicare Supplement?
- Accepted at any hospital that accepts Medicare
- Helps lower your out-of-pocket costs
- Offers the best coverage for your needs in your golden years
- Coverage is renewable as long as you pay premiums
You Have Options
Cigna, Aetna, Mutual of Omaha, and Manhattan Life are among the top-rated Medicare Supplement carriers. At Oak Haven Insurance, we have access to many of the best carriers in Texas that offer these policies:
- Plan A
- Plan B
- Plan F
- Plan G
- Plan N
Most plans include a foreign travel benefit. You can learn more about the lettered plans by clicking the links above.
Plan Premiums Vary
The cost of Medigap plans varies by state and insurance carrier. There can be major differences in the premiums that different carriers charge for the EXACT same coverage. For example, that’s why it’s important to compare a Medigap Plan N from one carrier to a Plan N from another carrier.
When to Enroll
If you know you need supplemental coverage, you’ll want to enroll during your one-time 6-month Medigap Open Enrollment Period — which automatically begins the month you’re 65 and enrolled in Part B medical insurance.
You usually get better rates and more choices among plans during your Medigap Open Enrollment Period. In fact, you can buy ANY plan sold in your state, even if you have health conditions.
Guaranteed Issue Rights
You may have heard about guaranteed issue rights or Medigap protections. What this means is that in certain situations, companies must offer you select plans and cover ALL your pre-existing conditions. You can’t be denied because of your health.
We Shop Rates for You.
As your local, independent agency, we can help you shop rates to make sure you get the lowest premium for your selected plan. To learn more about Medicare Supplement plans, continue browsing our website or give us a call today!
