Medicare Supplement (Medigap) Frequently Asked Questions (FAQ)

 


 

What is a Medicare supplement insurance policy?

Medicare supplement insurance, also known as Medigap insurance, fill the gaps of Original Medicare. Medigap plans are listed A-N. View plan benefits by looking at our comparison chart .

Medicare supplement plans pay after Original Medicare. Depending on the type of Medigap plan you select, they help pay for health insurance deductibles, copay’s, and coinsurance.

Is a Medicare supplement plan the same as a Medigap plan?

Yes, the word Medigap has the same meaning as Medicare supplement. The letter that follows Medigap or Medicare supplement is the benefits the policy provides.

When can I apply for a Medicare supplement plan?

Individuals can enroll into a Medicare supplement plan when they turn 65 and have Medicare Part A and Part B. Individuals who are turning 65 and/or new to Medicare receive Open Enrollment.  You have a guarantee issue into any Medicare Supplemental Plan. This means that individuals new to Medicare won’t have to go through underwriting.  No medical questions asked.

Why Compare Multiple Medicare Supplement Insurance Companies?

Comparing multiple companies Medicare Supplement premiums saves people money! Medicare Supplement Plans help people considerably.

Why are so many people on Plan F?

It’s the most popular policy seniors enroll into. There’s essentially no copays, deductibles, or coinsurance for Plan F.

Specifically, Medigap Plan F supplement policy includes coverage for Medicare Part A coinsurance as well as costs after you’ve exhausted hospital benefits. You’re also covered for Medicare Part B’s co-payment apart from preventative services. Medicare covers costs related to blood but only after the first three pints, and Medicare Plan F supplement will cover you for the first three. You also have Medicare Part B preventative care coinsurance.

Plan F supplements cover deductible payments for both Medicare Part A and Part B. If you have excess charges with Part B, you can afford not to worry, because a Plan F supplement protects you. Up to specific limits, this gap plan also covers for some costs related to foreign travel emergencies.

Which Medicare Supplement plan is the Best?

Medicare Supplemental Insurance plans provide comprehensive coverage and are standardized by the government. Truly the best way to answer this question is how much comprehensive coverage do you need after original Medicare pays? The Medicare Supplement Insurance Plan F provides the most amount of coverage, so most people say that it’s the Best Medicare Supplement Insurance plan.

Retirement Transitions views Medicare Plan G as being the best coverage because the changes coming to Plan F in 2020. Individuals know what they’re going to pay every month for their healthcare insurance. Since the coverage is the same between companies, compare rates from multiple insurance companies.

Which Medicare Supplement plan has the most comprehensive coverage?

Medicare Supplement Plan F has the most comprehensive coverage. Medigap Plan F provides the best benefits when comparing supplemental plans.

Some may argue that Medicare Plan G provides the most comprehensive insurance coverage, but only after you pay your Part B deductible of $166.

Plan F supplemental insurance pays the Part B deductible. This is the only difference between the two. If you don’t want to worry about paying anything other than your monthly premiums. Retirement Transitions suggests to enroll into Medicare Plan G supplemental policy.

Can I change my Medicare supplemental insurance plan to save money?

Individuals should review their supplemental coverage and their monthly rates at least every two years. Medicare Supplemental Insurance plans do allow you to switch plans and companies at anytime during the year.

Switching Medicare Supplement insurance companies may require you to go through medical underwriting. Medical underwriting isn’t like buying Life Insurance. You answer a list of questions, list your prescriptions, and the insurance company makes a decision whether you’re approved for the Medicare Supplemental Insurance plan.

Generally there’s underwriting involved if you want to switch Medigap plans within your current insurance company.  Never cancel a Medicare Supplement Insurance policy before you’re approved by the company you’re switching to. Retirement Transitions allows you to instantly compare your current Medicare supplement quotes online. Comparing your current plans rates with other carriers will save you money.   You can have the exact same benefits.  We make the replacement simple and stress free.

If I change Medicare supplemental insurance plans, will I have a waiting period for pre-existing conditions?

No, you will not have a waiting period for preexisting conditions if you change Medicare Supplement Insurance Plans or companies. Individuals who switch plans and insurance companies who pass underwriting are covered on their new supplemental plan’s effective date.  Always be honest on enrollment forms and you will be fine.

 

Which insurance company has the best Medicare Supplement plan?

People claim that they have the best Medicare Supplement plan because it’s with a certain company. The facts are that Medicare Supplemental plans are standardized and therefore no one insurance company has the best Medigap plan. The biggest difference between each plan and the insurance companies who offer that plan, are the insurance premiums they charge.

The cost for a supplemental insurance plan is the only difference between the two and therefore you should compare rates often. Insurance companies and agents may say that their rates never increase and they have the best Medicare Supplement plan available, but they aren’t telling you the truth. Look for the most comprehensive insurance plan and compare the rates with multiple supplemental insurance carriers if you want the best coverage for the best price.

 

What is the easiest way I can change my Medicare Supplement plan coverage and start saving money?

The easiest way you can change your Medicare Supplement Insurance plan and start saving money is to call a Retirement Transitions Specialist or run a quote on our online site. We make transitioning insurance coverage and companies a simple process without the nuisance. Are you worried about your health conditions not being approved? We’re available to find multiple insurance companies that would strongly consider accepting your application and approving your new Medicare supplemental insurance policy.

Comparing Medicare Supplement plans has never been so easy. Retirement Transitions puts you in the driver’s seat to instantly view rates from multiple insurance companies. For the exact same coverage, you could save money instantly. Living on Social Security Income can be difficult to get by. This can be a way to put extra money in your pocket and not a supplemental insurance companies.

 


Call Retirement Transitions if you have any Medigap questions that weren’t answered. (402) 805-4626