Medicare Supplement Insurance: What You Need To Know

When it comes to your health insurance policy, you want to make sure that you are covered for as much as possible. This is especially important if you are retired and on Medicare. One way to help ensure that you have the most comprehensive coverage is to purchase a Medicare supplement insurance policy. At TWFG Pflugerville, we have the answers to some of the most common concerns about supplement insurance. Learn more below.

What is Medicare Supplement insurance?

Medicare Supplement insurance, also known as Medigap insurance, is a policy designed to fill in the gaps left by Original Medicare. This means that it can help pay for some of the costs that are not covered by Medicare, such as copayments, coinsurance, and deductibles.

There Are Different Types of Medicare Supplement Insurance

There are several different types of Medigap policies available, each with its own set of benefits. It’s important to review all of your options before choosing the policy that best suits your needs. Plans A, B, C, D, F, and G are some examples of Medicare supplement insurance policies.

Where Can I Purchase a Policy?

In order to purchase a Medicare supplement insurance policy from an insurance company, you must first contact the company directly. There is only a six-month open enrollment period for Medigap coverage. This means that you can only sign up for a plan during this time frame or else your opportunity to do so will be lost until the next year’s time frame begins.

What to Do If You Are Late Enrolling in Medicare Supplement Insurance

If you are late enrolling in a Medigap insurance policy, there are several things that you can do. First, if you were still working at the time of your retirement, you may have been able to use one of your employer’s group health insurance plans as a supplement to Original Medicare. Second, if you are no longer working but are over 65 years old, you may be able to sign up for coverage through your spouse’s work or through Medicaid. Finally, it is possible that some states offer high risk pools that cover people who have had trouble finding coverage elsewhere due to pre-existing conditions.

If you have any questions about Medigap insurance, we want you to know that we’ll go the extra mile to ensure that you find the Medicare supplement insurance plan that will fit your needs and budget. At TWFG Pflugerville, we put our clients first. Get your free quote today!