Texas Medicare
Medicare Supplement Insurance
At Lubbock Senior Insurance, we recognize that Medicare Supplement Insurance, commonly referred to as Medigap, is a crucial consideration for many individuals. Our team is dedicated to helping you explore the best options tailored to your specific needs.
What is Medicare Supplement Insurance?
Understanding Medicare Supplement Insurance
Medicare Supplement Insurance, or Medigap, is designed to help cover some of the out-of-pocket costs that Original Medicare does not, such as copayments, coinsurance, and deductibles.
If you have Medicare and decide to purchase a Medigap policy, Medicare will continue to pay its share of approved healthcare costs, while your Medigap policy helps cover the remaining expenses.
It’s important to note that a Medigap policy differs from a Medicare Advantage Plan. While Medicare Advantage plans are designed to provide Medicare benefits, Medigap policies are intended solely to supplement the benefits you already receive from Medicare.
Key Points About Medicare Supplement Insurance
Eligibility Requirements
To qualify for a Medigap policy, you must be enrolled in both Medicare Part A and Part B. If you currently have a Medicare Advantage Plan, you can switch to a Medicare Supplement policy, but ensure that you are permitted to leave your Advantage Plan before your new Medigap policy takes effect.
Premium Costs
Your Medigap premium will be an additional monthly cost on top of your Medicare Part B premium. It’s also important to remember that Medigap policies are individual plans; if your spouse wants coverage, they will need to purchase a separate policy.
Policy Availability
You can obtain Medicare Supplement Insurance from any licensed insurance provider in your state. All standardized Medigap policies are guaranteed to be renewable, even for those with pre-existing health conditions. As long as you continue to pay your premium, the insurance company cannot cancel your policy.
Important Regulations
Additionally, any Medigap policy sold after January 1, 2006, does not include prescription drug coverage. It is also illegal for anyone to sell you a Medigap policy if you are currently enrolled in a Medicare Advantage plan, unless you are transitioning back to Original Medicare.
With Original Medicare, you generally have the flexibility to choose any doctor or specialist who accepts Medicare. However, keep in mind that you will be responsible for certain premiums and copays. Additionally, prescription medications are covered separately under Medicare Part D.
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Exploring Additional Coverage Options
Medicare Advantage (Part C)
Offers an alternative to Original Medicare through private insurance companies. These plans often combine the benefits of Part A, Part B, and sometimes Part D into one package.
With Medicare Advantage, you may find that copays are lower, and some plans offer additional benefits not included in Original Medicare, such as vision and dental care.
Medicare Supplement Insurance
Commonly known as Medigap. This type of insurance helps cover out-of-pocket costs that Original Medicare doesn’t pay.
Unlike Medicare Advantage, Medigap requires a monthly premium and is designed for those who are enrolled in Original Medicare and not in a Medicare Advantage plan.
At Lubbock Senior Insurance, we are dedicated to helping you navigate these options and find the best coverage tailored to your individual needs. Our experienced team is here to provide the support and information you need to make confident decisions about your Medicare coverage.
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