MEDICARE SUPPLEMENT PLANS
Medicare Supplement Plans in Eastern Pennsylvania’s Lehigh Valley and Pocono Regions, In Addition to Central New Jersey.
Medicare Supplement plans can be a complicated topic. Our experts can help you to determine which Medicare 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. Medicare is divided into several different sections which offer differing benefits, costs, and options.
Medicare Part A primarily takes care of hospital expenses. Generally, there are no premiums to be paid. However, the recipients are still usually liable for a deductible and could also incur some coinsurance costs depending on the range of medical services they receive over the course of the year.
Medicare Part B covers the cost of medical treatments which occur outside of hospitals. Alongside costs related to deductibles and coinsurance, Part B also requires a yearly premium that varies based on the beneficiary's earnings and Social Security benefits.
A Medigap policy is also called Medicare Supplement insurance. Medigap plans are sold by private companies and help pay for some of the healthcare 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). Medicare 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.
As of January 1, 2020, Medigap policies for individuals newly eligible for Medicare will no longer offer coverage for the Part B deductible. As such, Medicare Plans C and F won't be options for those entering Medicare as of January 1st, 2020. However, individuals who are already enrolled in either of these 2 plans, or the high deductible version of Plan F, before January 1, 2020, will retain their coverage.
Medicare insurance can be quite complicated. But that's where our advisors can help. Please feel free to contact our agents today if you want to discuss your options.