Medicare Supplement

Medicare Supplement

What is a Medicare Supplement?
 
Medicare Supplements work with Original Medicare and are provided by private insurance companies. 
Original Medicare and Medicare Supplement
They "supplement" or pick up some or all of the out of pocket costs (co-pays, deductibles, etc.) that Original Medicare doesn't pay. Medicare Supplements are standardized and defined by a Plan letter code. The most popular Medicare Supplement Plans are as follows:
  • Plan F
  • Plan G
  • Plan N
There are other less-popular Medicare Supplements such as High-Deductible Plan G that may be a suitable in certain situations.
Who Pays First?

If you have a Medicare covered procedure or hospital stay, Original Medicare will pay first. After Original Medicare pays their portion, your Medicare Supplement will pay next up to the limit defined for the Plan (F, G, N) that you have chosen (after your deductible, if applicable).

What Doctors and Hospitals Can I Use?

One of the benefits of having a Medicare Supplement with Original Medicare is that there are no healthcare networks involved. You don't have to perform a provider lookup to see if a physician or specialist is part of your Plan's Preferred Provider Organization (PPO) or Health Maintenance Organization (HMO) network. As long as your doctor accepts Original Medicare - you are good to go! A recent study performed by the Kaiser Family Foundation showed that over 93% of doctors across the entire United States accept Original Medicare. Talk about having a lot of options!

When Can I Enroll in a Medicare Supplement?

Medicare Supplements have very liberal enrollment period guidelines. You can enroll in a Medicare Supplement during the following times (among others):
  • Enroll during your Initial Enrollment Period (IEP)
  • Enroll any time during the year after your IEP
We'll go over the requirements for each enrollment period beginning with the Initial Enrollment Period (IEP)

Enroll During Your Initial Enrollment Period

Your Initial Enrollment Period (IEP) is your "golden ticket" in choosing a Medicare Supplement. Why? During your IEP, you can be approved for a supplement with no medical underwriting. If you miss your IEP you can still apply for a Medicare Supplement which we will review next.

Enroll any Time During the Year After Your IEP

If you don't choose a Medicare Supplement during your IEP, don't worry, you still may be able to pick up a Medicare Supplement. If you already have Original Medicare you can apply for a Medicare Supplement any time during the year. When you apply outside of your IEP, you may have to go through medical underwriting similar to when you apply for a life insurance policy. The good news is that there are many conditions on Medicare Supplements that only have a two year lookback period, although there are some medical condition knockouts.

If you missed your IEP and don't qualify for a Medicare Supplement with underwriting or if you can no longer afford your Medicare Supplement premiums, then a Medicare Advantage Plan may be more suitable. CLICK HERE to learn more.
Interested in hearing more about Medicare Supplement Plans in your county? Complete the form below and we will contact you as soon as possible.

By submitting your information you acknowledge that an insurance agent with Safeguard Benefit Services may contact you by phone, SMS, email, or mail to discuss and quote Medicare Advantage plans, Medicare Supplement Insurance, or Prescription Drug Plans. To Unsubscribe from messaging reply STOP.


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