medigapseminar... | Call Us at 800-847-9680
Medicare Explained - Medicare Supplement Plans (All information valid for 2023)
medigapseminar...
medigapseminar...
Medicare Supplement Plan G video: • Medicare Supplement Pl...
Medicare Supplement Plan N video: • Medicare Supplement Pl...
Medicare Supplement Plan F-HD video: • Medicare Supplement Pl...
According the Kaiser Family Foundation research, more than seven out of ten people enrolling in Medicare choose either option one (keeping just Medicare Parts A & B) or option two; adding a Medicare supplement as secondary insurance with Medicare Parts A & B being their primary insurance.
The first question you might have is; Why? Why choose to add a Medicare supplement plan to your Medicare Part A and Medicare Part B?
The reason is simple; With a Medicare supplement plan you, the Medicare beneficiary, get to keep all the benefits of Medicare while limiting your financial risk in the case of a medical event.
The next obvious questions you may be asking then is “What are the benefits of Original Medicare that we get to keep when we enroll in a Medicare supplement plan?” and “By how much can I limit my financial risk?”.
There are two major benefits of Original Medicare that you keep when you get a Medicare supplement.
Medicare’s intent is to cover everything that is Medically Necessary. It’s not like other insurance products where they list out what is covered and leave you guessing what isn’t on the list. With very few exceptions, if it is Medically necessary Medicare’s intent is to cover it. How does Medicare determine Medical Necessity? They ask your doctor. This too is unlike other insurance products. In most any other insurance you may have had in your lifetime, it’s the insurance company that makes a final judgement over what is or is not covered. Insurance companies don’t ask your doctor. This is huge. With Original Medicare, you and your doctor control your healthcare. Not an insurance company. That’s the first benefit.
The second benefit of Original Medicare you get keep with a Medicare supplement is that you can see any doctor or go to any hospital in the United States or its territories. You have national coverage. As long as they accept Medicare, your insurance will cover you. There is no limiting Network and virtually every doctor and hospital in the country and its territories accepts Medicare.
For most people, those two simple benefits are the most important features of their healthcare. You have freedom of choice, choosing any doctor or hospital available, and you have control over your healthcare because your doctor never has to get their recommended procedure or tests pre-approved by an insurance company. That is why more than 70% of the people starting Medicare today keep Original Medicare as their primary insurance.
It’s also important to understand that a Medicare supplement plan is a guaranteed renewable contract. What does that mean? It means that your benefits can never change. They are guaranteed. Once you have a Medicare supplement plan no one can cancel your coverage. No one can change your benefits. You have that plan and the benefits it offers as long as you pay your premium. Not even an act of Congress can change your plan or take it way from you. They can change it for people in the future who do not yet have a supplement, but they can’t change yours.
This is why you do not have an annual election period or open enrollment period for your Medicare supplement plan. Those annual periods are only for those parts of Medicare with benefits that change annually. Medicare’s position is that if the benefits change annually, you should have the right to shop for a new plan annually. Since your Medicare supplement benefits never change, there is no need for an annual election period. You have no NEED to re-shop your plan during an annual election period.
Instead, you can re-shop your plan any day of the year, 365 days a year. You just have to qualify medically to do so.
If you wish to change Medicare supplement plans outside of an initial or special enrollment period, the insurance company has the right to look at your medical history and deny you coverage if there is a recent history of critical or chronic illness. That is referred to as medical underwriting.
#MedicareSupplementPlans #MedicareExplained #NewToMedicare #MedigapSeminars #Medicare2021 #MedicareAdvantagePlans2020 #Medicaresupplements #Medicare #MedigapPlans #BestMedicareSupplementPlans