Medicare Supplements
Medicare supplements are health insurance policies sold by private insurers that work in conjunction with and help cover the GAPS in Original Medicare. They are also sometimes called “Medigap Plans” or “secondary plans”. You must be entitled to Part A and enrolled in Part B.
You are allowed to select a Medicare supplement plan without going through underwriting or being subject to eligibility questions if:
- You are turning 65 within 6 months and have applied for or eligible for Medicare Part A and B
- If you are older than 65 and have lost group insurance coverage through no fault of your own in the last 63 days and have applied for Part B
- If you are under 65 and have recently received Medicare Disability.
Also Medicare supplement plans are not subject to the “Annual Open Enrollment” as the other Medicare plans are, once you’ve chosen a Medicare supplement plan, that’s all you have to do, no other action will ever be required and the plan will automatically renew on your anniversary date.
How Medicare Supplement plans works
A Medi-Gap or “Medicare Supplement” is offered by private insurance companies to help pay all or most of the cost left behind by Medicare Part A and B. These plans have the following features and benefits:
Guaranteed Renewable for Life
No Network Restrictions
See any Doctor who accepts Original Medicare
A set monthly premium (no surprises)
No Deductibles
No Co-Pays*
Multiple Plans to Choose from
Does not have a drug plan tied to the Policy
*Most plans do not have a co-pays except Plan N
Medicare supplement plans are not subject to Medicare compliance laws as are other types of Medicare health plans and Part D drug plans.
Which is best…Medicare supplements or Medicare Advantage?
The answer to this varies from person to person. Satisfaction depends largely on a customer’s expectations, budget, and style of care they prefer. We find that people who do not mind paying a premium and who want maximum doctor choice are often good fits for supplements. Also, people who travel frequently or who want to minimize co-pays and co-insurance often prefer this type of coverage as well.
For Medicare Advantage plans, the lower premium options are a very popular feature for those willing to utilize doctor networks, get referrals, and pay co-pays and co-insurance when they access care, The extra benefits (such as routine dental, vision, and hearing) not covered by Medicare are also very enticing and popular when considering a Medicare Advantage plan. The agents at Utah Valley Medicare are well versed and highly proficient in presenting the Medicare options to you in a way that will make sense and be easy to understand. Our goal is to first understand your situation and present plans that will best fit your needs. Please call us: 801-209-7704 and ask for Franklin. You can also schedule an appointment online.