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Medicare Supplements

If you‘re one of the many millions of baby boomers turning 65 soon, you might be considering a Medicare Supplement policy to help you with Medicare costs. This would be a smart choice, especially if you travel often, own multiple homes, and/or expect frequent trips to the doctor in the near future.

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What Are Medicare Supplements?

Medicare Supplement Plans (“Medigap”) cover gaps in Original Medicare Parts A and B. They help pay some of the healthcare expenses that Medicare does not cover, such as deductibles, copays, and coinsurance. 

The plans are identified by letters A through N, although Plans “C” and “F” are not available if you’re new to Medicare. 

Medicare Supplements are different from Medicare Advantage (Part C) plans and can only be added to the Original Medicare Plan. You may also decide to enroll in a separate prescription drug (Part D) plan.

Why Get Additional Coverage?

Original Medicare only pays for 80% of your covered medical costs. Procedures are expensive and can add up quickly. Without another type of coverage, you could pay hundreds of thousands of dollars per year out of pocket if you have a medical emergency or a chronic situation. Medicare Supplements are a popular way to solve this problem — by protecting your health AND retirement nest-egg. 

How Does it Work?

You pay a premium for the Medicare Supplement plan. Then, when you have a health issue, Original Medicare pays its share first before the MediSupp benefits step in and pay the rest. 

Benefits of Medicare Supplement Insurance

Medicare Supplements vs. Medicare Advantage

We recommend Medicare Supplement plans often, but not for every person. It’s on a case-by-case basis. If you need or think you may need coverage for dental, vision, or hearing care, you might consider a Medicare Advantage (Part C) plan. These plans are different from Medicare Supplements in that they replace Original Medicare and may offer additional benefits not covered by Part A and Part B. 

Typically, Medicare Supplement plans have higher monthly premiums than Medicare Advantage plans. But there are no network restrictions with Medicare Supplement plans, and they give you more predictable out-of-pocket expenses

Still, it would be worth it to look at the Medicare Advantage plans offered in your area to see the list of benefits included. We can help with that and make recommendations based on your health.

 

Questions to Ask

  1. What monthly premium can you afford?
  2. What are your travel plans?
  3. Which plans does your doctor accept?
  4. How often do you visit your specialist?
  5. Do you have some savings for a rainy day?
  6. Is Dental/Vision/Hearing coverage something that’s important for you?

When to Enroll

The best time to sign up is during your Medigap open enrollment period. It begins when you turn 65 or when you first enroll in Medicare Part B and lasts for six months. During this period, you’ll get the lowest rate available and carriers can’t deny you for having a pre-existing condition.

How We Can Help

NAHP will match you with a Medicare Supplement plan that fits your needs and budget. Our process is simple: 

✅ View rates from the top carriers

✅ Find an affordable plan

✅ Stop worrying about medical costs

Contact us today!