Medicare Supplements | Matthews Senior Benefits

Understanding Medicare Supplement Insurance

Medicare Supplement insurance, also known as Medigap, is designed to fill the gaps in coverage left by Original Medicare. These plans are offered by private insurance companies and can help you pay for out-of-pocket expenses such as deductibles, copayments, and coinsurance.

Enrollment

In order to enroll in Medigap, you must be enrolled in Original Medicare (Part A and Part B) first. Once you’re 65 or older and enrolled in Part B, you enter the Medigap Open Enrollment Period, which lasts six months.

During the Medigap Open Enrollment Period, you can join any Medigap plan available in your area without the risk of being rejected, as enrollment during this time doesn’t involve any medical underwriting.

Timelines and Guaranteed Issue Rights

During your Medigap Open Enrollment Period, insurance companies cannot deny you coverage or charge you higher premiums based on pre-existing conditions. It’s crucial to enroll in a Medicare Supplement plan during this period to secure the best coverage and pricing options.

If you miss this enrollment window, you may still be able to enroll, but you may face penalties, which could result in higher premiums or even denial of coverage based on your health history.

Why Choose Us

We are committed to simplifying the Medicare Supplement insurance process for you. We offer a wealth of information on various Medicare Supplement plans available, their benefits, and enrollment guidelines. We strive to provide you with clear explanations and resources to help you make well-informed decisions about your healthcare coverage.

Plans To Consider

Medicare Supplement insurance offers 10 different plans – A, B, C, D, F, G, K, L, M, and N. Each plan is distinguished by its level of coverage.

Plans A and B:

Most basic coverage (the items they cover are also covered by all other Medigap policies)
They both offer coverage for Part A and Part B coinsurance (as well as hospital costs for an extra 365 days after benefits are exhausted), the first three pints of blood for transfusions, and Part A hospice coinsurance or copayment
The difference is that Medigap Plan B covers the Part A deductible, whereas Medigap Plan A does not

Plans F and G:

Most comprehensive coverage
Plan F covers every item that Medigap Plan B covers, plus skilled nursing coinsurance, Part B excess charges, and 80% of costs incurred for medical emergencies during foreign travel.
Plan G covers the same expenses as Plan F, except for the Part B deductible
Plan F is only available to those who turned 65 prior to January 1, 2020 because Medigap plans are no longer allowed to cover the Part B deductible

Plans C and D:

Second-most comprehensive coverage
Plan C covers everything that Plan F does, except for Part B excess charges
Plan D covers everything except for the Part B deductible and Part B excess charges
Like Plan F, Plan C is only available to those who turned 65 before January 1, 2020

Plans K and L:

Cover a percentage of certain out-of-pocket costs and have yearly out-of-pocket limits
Both cover the same items as Medigap Plan B, plus skilled nursing facility coinsurance
Plan K covers 50% of remaining costs for Part B coinsurance, first three pints of blood, Part A hospice coinsurance, skilled nursing facility coinsurance, and the Part A deductible
Plan L covers 75% of the remaining costs for the items that Plan K offers 50% coverage for
Plan K has a yearly out-of-pocket limit of $6,940
Plan L has a yearly out-of-pocket limit of $3,470

Plans M and N:

As you can see, each plan has its own set of benefits. It’s important to carefully consider your healthcare needs and budget before choosing the most suitable plan for you.

Our experienced team is here to guide you through the enrollment process, answer your questions, and provide personalized assistance.

Take charge of your healthcare coverage today by exploring our website and discovering the benefits of Medicare Supplement insurance. We are here to support you every step of the way and ensure that you receive the coverage you deserve.

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