Things to Consider Before Enrolling in a Medigap Policy: Insights from a Supplemental Medicare Insurance Agency in Schererville, Indiana

If you are over 65 and enroll in Medicare, you will have to pay out-of-pocket for some of your healthcare costs. These include doctor visits, lab tests, and other services that are covered by Medicare Part A (hospital coverage) and Part B (outpatient care) but not by Part D (prescription drug coverage). You can fill in these gaps by enrolling in a supplemental Medicare insurance plan, sometimes called Medigap. But before you sign up, there are a few considerations to keep in mind. This supplemental Medicare insurance agency in Schererville, Indiana is going to discuss them below.

First, the basics

A Supplemental Medicare insurance policy is a health insurance policy designed to supplement your Original Medicare plan. That means it can help pay for some out-of-pocket costs that Medicare does not cover, including copayments, coinsurance, deductibles, and more. If you have Medicare and you think you might need help paying for some of the out-of-pocket costs that come with it, then a Supplemental Medicare insurance policy might be right for you.

There are ten different types of Supplemental Medicare insurance policies available (A, B, C, D, F, G, K, L, M, and N), each of which coverer a different set of costs. The website has a lot of information about how these policies work, so you can do some research to find out which policy is right for you. If you would rather speak directly to an expert, you can always schedule a consultation with a supplemental Medicare insurance agency in Schererville, Indiana.

What do I need to know if I want to buy a supplemental Medicare insurance policy?

First, you need to be enrolled in Medicare Part A (Hospital Insurance) and B (Medical Insurance). Then, you can start shopping around for plans through your supplemental Medicare insurance agency in Schererville, Indiana. As we mentioned earlier, there are ten standardized plans to choose from, each with different levels of coverage. With that said, it is crucial to compare all the different policies before you enroll in one.

Keep in mind that a supplemental Medicare insurance policy covers only one individual. So, if you and your spouse are both interested in Medigap coverage, you will need get separate policies. It’s also important to be aware of the open enrollment period for supplemental Medicare insurance policies. This is when you can sign up for a policy without going through medical underwriting.

Finally, keep in mind that Medigap policies do not cover long-term care, dental care, vision care, or hearing aids. If you would like to explore your options for these types of coverage, your supplemental Medicare insurance agent in Schererville, Indiana can assist with that as well.

When can you sign up?

The best time to sign up for a supplemental Medicare insurance policy is during your six-month Medigap Open Enrollment Period. This period starts the month you turn 65 and are enrolled in Medicare Part B. If you wait to enroll in a Medigap policy outside of this window, you may be denied coverage, or you may be charged more for your policy.

How policies are priced

Insurers price their policies using one of three methods: community rating, issue-age rating, or attained-age rating.

  • Everyone, regardless of age, pays the same premium with community rating.
  • With issue-age rating, your premium is based on your age when you buy the policy.
  • And with attained-age rating, your premium goes up as you get older.

Looking for a Supplemental Medicare Insurance Agency in Schererville, Indiana?

Are you ready to meet with an expert to discuss the possibility of enrolling in a Medigap plan? If so, Senior Care Insurance Services is here to help. As the top-rated supplemental Medicare insurance agency in Schererville, Indiana, we can help match you with the right policy for your needs. Contact us today to discuss your options.


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