Medicare Supplement Plans…Reducing Your Healthcare Expense

Medicare does not cover all medical costs. A Medicare Supplement (Medigap) policy can provide additional coverage for hospital stays, physician office visits, outpatient care, blood transfusions, durable medical equipment, home, hospice and skilled nursing care, and foreign travel emergencies.

If the provider accepts Medicare, and your Medicare Supplement plan covers that type of service, your entire bill is paid for between Medicare and your supplemental plan.

You can apply for a Medicare Supplement plan any time during the year, as long are you not enrolled in a Medicare Advantage Plan. However, the best time to buy a Medigap policy is during your Medigap open enrollment period. This period lasts for six months and begins on the first day of the month in which you are 65 or older and enrolled in Medicare Part B. During this open enrollment period, an insurance company cannot do any of the following because of your health issues:

• Refuse to sell you any Medigap policy it offers
• Charge you more for a Medigap policy than they charge someone with no health issues
• Make you wait for coverage to start

After this open enrollment period, your ability to buy a policy may be limited as underwriting may be necessary for approval.

Medicare Supplement or Medicare Advantage?

People frequently ask whether they are better off with a combination of Medicare (Part A and Part B) and a Medicare Supplement plan, or purchasing a Medicare Advantage (Medicare Part C) plan. The chart provides a visual explanation. Each individual’s situation is different, but generally:

• Medicare Supplement plans are for those who are willing to pay a higher premium, in order to eliminate out of pocket expenses for Medicare approved services. This plan also allows the convenience to use any physician or hospital that accepts Medicare.
• Medicare Advantage plans are for those who typically want a lower premium, and are willing to pay copays and coinsurance for Medicare approved services.

Why Senior Embrace for Your Medicare Supplement Plan?

Comprehensive choice of plans

Several insurance companies offer Medicare Supplement policies. We represent the majority of companies, so we will be able to review these options with you and help you select the plan that best suits your needs.

Expertise

There are 10 different standard Medicare Supplement Insurance plans. Multiply that by all the companies offering these plans – often at different premium levels – and the choices become overwhelming. The Senior Embrace team has the expertise to help you understand these specific plans offered by the insurance carriers. We can help you determine if it makes sense to have a Medicare Supplement plan, and if so, which one is best for you.

We work for you, and only you

We are not employed by a specific insurance company and forced to sell that company’s products. Since we have access to several Medicare Supplement companies, we can concentrate on helping you select the right plan.

We help you embrace retirement

Medicare Supplement plans are only one of the many services we offer to help you live the retirement you’ve worked so hard for. Our team will work with you to determine your goals and needs, and then develop a comprehensive plan that will help you live comfortably and happily in retirement.