If you are getting close to your 65th birthday, you are likely preparing to enroll in Medicare. Enrolling in Medicare and figuring out how to decrease your out-of-pocket health care expenses can be daunting.
A Medicare supplement plan can save you money and provide peace of mind; which is where Gary Thompson Agency can assist.
Original Medicare, which consists of Medicare Part A and Part B, typically does not cover all of an individual’s health care costs. In order to fill the gap, many individuals purchase a Medicare supplement plan. Medicare supplement plans, also known as Medigap policies, are policies that can be purchased to cover expenses that Medicare does not pay.
In order to be eligible for Medicare supplement plans, you must be enrolled in Medicare Part A and Part B, and you must not be enrolled in a Medicare Advantage plan. If you are under age 65 and receive Medicare as part of your disability benefits, you may be eligible to purchase a Medicare supplement plan depending on the state in which you live. In addition, only one person can be covered by each Medicare supplement plan. You will need to purchase separate policies if both you and your spouse want this type of coverage.
When to Enroll
The ideal time to purchase a Medicare supplement plan is during your Medigap open enrollment period. This is a six-month period beginning on the first day of the month that you turn age 65 or older and enroll in Medicare Part B. During this period, you will not be denied coverage for any pre-existing health conditions. In other words, you can purchase a Medicare supplement plan of your choice for the same premium that a healthy person without pre-existing conditions would pay. If you do not enroll in a Medicare supplement plan during your Medigap open enrollment period, you will not be guaranteed coverage, and you may be denied coverage or charged a higher premium due to your medical history or pre-existing health conditions.
For more information or help finding the right Medicare supplement policy for you, contact our Benefits department directly, call our Grand Island location at 308.384.0388 or email us.