Medicare Supplement Insurance, or Medigap Insurance, covers medical expenses that Medicare does not cover. A dozen Medigap Plans (plans A through L) each offer different sets of benefits. Plan A, for example, has the same benefits regardless of which insurance company offers it. Companies may charge different prices for the same plan, though.
As of June this year, the Medigap Plans E, H, I, and J will no longer be sold, and new Plans M and N will become available. This is a result of the Federal Medicare Improvements for Patients and Providers Act of 2008, which requires states to adopt changes for Medigap Insurance policies.
You can keep your current Medigap plan without any changes, and Medigap Plans are renewable as long as you pay the premiums. If your Medigap Plan no longer meets your needs, or the premiums are too high, you will have new choices this June.
Plan M will pay 50 percent of the Part A deductible, and some of the cost of foreign travel emergencies, but it will not cover the Part B deductible. Plan N will pay the full Part A deductible, but it will require a $20 co-payment for Part B office visits, and up to a $50 co-payment for emergency room visits. Plan N will also cover foreign travel emergencies. Medicare will begin covering many preventive care benefits, so these benefits will be dropped from all Medigap Plans. The Home Recovery benefit will also be dropped from all Medigap Plans.
You have 30 days of open enrollment following your birthday when you can buy a new Medigap policy without a medical screening, or a new waiting period. The new policy must have equal or fewer benefits than the old policy, though. At MediGap Advisors, we take pride in helping you get into the right Medicare Supplement Plan at the best price we can find, and we make it easy and hassle-free for you. We only represent the highest-rated companies, including Anthem Blue Cross Blue Shield, Humana One, Mutual of Omaha, and UnitedHealthcare. You can use our “How To” Guide to review plans and get signed up, or call us at 866-323-1441. For your convenience, we have evening and weekend telephone appointment times.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.