Medicare Supplements
Medicare Supplement Plans and Insurance
Our goal is to help people like yourself navigate the Medicare enrollment process. From enrollment to insurance plans that best fit your needs by focusing on making sure you understand your options.
This process might seem confusing, but we specialize in helping people make it seem easy. Everyone turning 65 has an option to enroll but most people think they have to wait until December’s enrollment period to change their plan. This is not the case. Don’t end up paying additional premium thinking you cannot switch Medicare Supplement plans right now. Every company has identical benefits within each plan letter. Therefore, you owe it to yourself to contact us and shop around to see which company has the best rates for you. Our free online quoting system can help you find the best rates.
We realize how confusing the Medicare process can be which is why we created this website to help you easily learn about all of the options. Learning about Medicare supplement insurance does not have to be difficult, and everything that you need to know to make the best decision when it comes to your Medicare coverage is right here on this website!
Who is Eligible for Medicare Supplement Insurance for 2018?
Anyone who has contributed to the Medicare System through their payroll taxes for at least 10 years, or 40 quarters, is able to receive Medicare benefits. Also, people under the age of 65 who qualify for social security disability are eligible. These people are eligible for Part A, B, and Part D Medicare which is also known as all original Medicare.
What does Part A cover?
Medicare Part A covers hospitalization as well as other services. These include:
- Hospital care
- Skilled nursing facility care
- Nursing Home Care (provided aid is it simply custodial care)
- Home Health Services
- Hospice
What does Part B cover?
Medicare Part B covers most doctor services that are medically necessary. It also covers:
- Preventative Care
- Durable Medical Equipment
- Hospital outpatient services
- Lab tests and x- rays
- Mental Health Care
What does Part D cover?
Medicare Part D covers most prescription Rx. You do not obtain this coverage directly through Medicare as it is offered by private insurance companies who contract with Medicare to offer the plans. These plans are provided by a host of companies that can have differences in the Rx covered as well as costs. Factors to consider:
- Cost
- Deductible
- Formulary
- Access to Pharmacies
- Quality of Company
How Much Does Medicare Cost?
If you have worked and paid into the system for at least 40 quarters then you do not pay a premium for Medicare Part A. Anyone who has not reached the full payments for that time period may be eligible to obtain a Part A however there will be a premium.
Medicare Part B has a monthly premium. The cost for Part B varies based on income.
| If your yearly income in 2016 (for what you pay in 2018) was | You pay each month (in 2018) | ||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $85,000 or less | $170,000 or less | $85,000 or less | $134 |
| above $85,000 up to $107,000 | above $170,000 up to $214,000 | Not applicable | $187.50 |
| above $85,000 up to $107,000 | above $170,000 up to $214,000 | Not applicable | $187.50 |
| above $107,000 up to $133,500 | above $214,000 up to $267,000 | Not applicable | $267.90 |
| above $133,500 up to $160,000 | above $267,000 up to $320,000 | Not applicable | $348.30 |
| above $160,000 | above $320,000 | above $85,000 | $428.60 |
Get more information about your Part B premium from Social Security
Premiums for Medicare Part D drug plans can vary widely within each state. Visit Medicare.gov to see the different plans and premiums offered in your area. Attached is a link to use a program provided by Medicare.gov to determine your best Part D option
https://www.medicare.gov/find-a-plan/questions/home.aspx
How to Enroll in Medicare
If you are receiving a social security check prior to turning age 65 you will automatically be enrolled in Medicare Part A and Part B. You should be sent your card approximately three months before your 65th birthday. Coverage begins the first day of the month that you turn age 65. If you are born on the first of the month then your coverage will begin the first day of the previous month.
If you are not receiving a social security check when you turn age 65 you must enroll in Medicare yourself. If you continuing to work and have insurance from your employer then you have the option of opting out of Medicare Part B until you decide to retire and need it.
You may apply for Medicare online by clicking HERE or contact us at 706-226-0186.
What does Medicare Supplement Insurance cover?
Medicare supplement policies were created to help pay the gaps or expenses that Medicare Part A and B do not cover. Aside from deductibles that are not paid by original Medicare, there are other expenses such as hospital coinsurance as well as doctor’s services coinsurance (20%) that you are responsible for paying.
Some of the main gaps that a Medicare supplement plan can cover are:
- The Part A hospital deductible – you’re responsible for paying a deductible if you are admitted into the hospital. In 2018 this deductible is $1340. Many people think that this is a one time or an annual deductible and it is not. This deductible is based on benefit periods of 60 days. This means if you are admitted to the hospital and then released and you stay out of the hospital for 60 days or more, that is considered one benefit period. If you are admitted again after that 60 day period you must pay this deductible again.
- Part A hospital coinsurance – you are responsible for paying a coinsurance if you are in the hospital after a certain amount of days.
- Day 61-90 – Cost $335 per day
- Day 91 and beyond – Cost $670 for each lifetime reserve day after the 90th day of the benefit period.
- Annual Part B Deductible – this deductible must be paid prior to Medicare Part B paying 80% of approved medical expenses. In 2018, this deductible is $183 and is paid once per calendar year.
Medicare Supplement Plans
Medicare supplement plans are separate insurance policies offered by private insurance companies. These plans were designed to pay some or all of the gaps that Medicare does not cover. They are also called Medigap plans. Currently there are 10 different plans available lettered A-N and they are standardized by the government. This means regardless of which insurance carrier is offering the plan, they must all contain the same benefits within each plan letter.
For example, a Plan F from Blue Cross Blue Shield has identical benefits to a Plan F offered by Cigna. Although the benefits are the same, the premiums that each carrier charges are not. Actually, there can be substantial differences in the monthly rates for the exact same coverage.
Click link to see differences in Plans A – N
When Should I Enroll in a Medicare Supplement Plan?
If you are just enrolling in Part A and Part B you have a six month time frame that is called the open enrollment period. During this time, you may enroll in a Medicare Supplement plan and be guaranteed coverage regardless of any pre-existing conditions you might have. Therefore, it is a good idea to start your Medicare supplement coverage the same day as your effective dates of Part A and B Medicare.
Anyone who chooses to opt-out of Part B Medicare due to having employer health coverage will still get this open enrollment period when they do eventually enroll in Part B Medicare.
We can help you every step of the way to make sure you understand the process as well as help you apply with the best company. We can help make Medicare easy!
Get a copay of the current Medicare & You booklet. Click HERE.
You pay:
- $1,340 deductible for each benefit period
- Days 1-60: $0 coinsurance for each benefit period
- Days 61-90: $335 coinsurance per day of each benefit period
- Days 91 and beyond: $670 coinsurance per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime)
- Beyond lifetime reserve days: all costs