MEDICARE SUPPLEMENT PLANS
Medicare supplement plans in Eastern Pennsylvania’s Lehigh Valley and Pocono regions, as well as in Central New Jersey.
Medicare supplement plans can be a complicated topic. Our experts can help you to determine which plan is the best fit for you.
Medicare insurance is a government-sponsored health insurance program available to most people aged 65 or older and who have paid into Social Security. It’s divided into several sections with differing costs and choices.
Part A covers hospital treatment costs. In most cases there’s no premium payment, but recipients pay a deductible and also pay some coinsurance depending upon their medical treatments throughout the year.
Part B covers medical treatments outside of hospitals. Part B has an annual premium that is dependent on the recipient’s income and Social Security benefits. Recipients also pay a deductible and coinsurance.
A Medigap policy is also called Medicare Supplement insurance. Medigap plans are sold by private companies and help pay for some of the health-care costs, or “gaps”, that Medicare does not cover. Beneficiaries use their Medicare card and Medigap card together when visiting a doctor. Medigap plans also do not have a network, meaning the individual can use any doctor and hospital that accepts Medicare. Medigap plans do not cover prescription drugs, so beneficiaries need separate, stand-alone prescription drug coverage. Medigap is not a Medicare Advantage plan, and it is not to be used with Medicare Advantage plans. Insurance companies can sell only a “standardized” policy identified in most states by letters (e.g., A, C, K). Plans with the same letter offer the same benefits regardless of location and insurance company, except in a few states that offer their own forms of Medigap coverage. While benefits are standardized, premiums are not structured the same way across all companies.
Starting January 1, 2020, Medigap plans sold to newly Medicare eligible people will not be allowed to cover the Part B deductible. Because of this, Plans C and F will no longer be available to people new to Medicare starting on January 1, 2020. If the person already has either of these 2 plans (or the high deductible version of Plan F) or are covered by one of these plans before January 1, 2020, he/she will be able to keep the plan.
Medicare insurance can be a complicated issue, so please contact us today if you want to talk about your options.