Why get a Supplement Plan?
Medicare Supplement Plans make it even easier to pay for healthcare and are best suited for people with Original Medicare.
The reason why it’s for people with Original Medicare is that no one can have a Medicare Advantage Plan and a Medicare Supplement policy at the same time. In fact, the law forbids insurance companies from trying to sell Medicare Supplement policies to people who have Medicare Advantage.
How does it work?
When you get treatment, Original Medicare covers 80% of the costs. The remaining 20% is left up to you to cover. If you have a Medicare Supplement plan, Original Medicare will pay the 80%, and then your Medicare Supplement plan either covers most or all of the remaining costs, which can include copays, coinsurance, deductibles, blood transfusions, and more.
Federal law requires Medicare Supplements to be standardized. For example, the Medicare Supplement Plan A offered by one company should have the same benefits as Medicare Supplement Plan A offered by another company.
The plans are labeled as A, B, C, D, F, G, K, L, M, and N. Each plan has different premiums with different levels of coverage. Some plans also have a high deductible version where the benefits begin once those deductibles are paid for. Plans A and B offer the most basic coverage, but for those looking for more comprehensive coverage, Plans F, G, and N are plans to consider. Plans C and F have also been phased out as of January 1, 2020. Those who have become eligible for Medicare after this date are no longer able to enroll in Plans C or F.
When can I get it?
You have a six month period to join a Medicare Supplement policy. After those six months, you may not be able to enroll in a policy at all (unlike other Medicare plans where waiting results in late enrollment penalties). This period begins as soon as you are 65 and have Original Medicare coverage. You have to be enrolled in Medicare Part A and Part B before you can join.
There is another option if you’re under an employer’s health insurance plan and you want to wait to join Medicare Part B. Once you decide to enroll in Part B, you have six months to enroll from the time you get Part B.
How do I get it?
When you turn 65 and you decide to enroll in Medicare, call us at 601-559-0185, and we will give you a free quote. You don’t even need to drive to get a consultation – we do everything over the phone, from giving you a free quote to approving your policy. We are happy to help you get a policy that does exactly what you need it to do, in a way that only Mitchell Johnson Insurance Insurance can do.
