Need a Medicare Supplement Plan? We Can Help.

Medicare Supplement (Medigap) plans are “supplemental” policies offered by private insurers that you can add to your Original Medicare. Since Parts A and B still leave you with 20% to pay out-of-pocket, it’s important to have insurance that can help with the leftover decuctubles, copays, and coinsurance.

Lacayo Group Insurance is here to answer your questions about Medicare Supplements.

Who Can Benefit from Medigap Coverage?

Any Florida or Texas senior who wants or needs help filling the “gaps” in coverage in Original Medicare could benefit from a Medicare Supplement plan.

There are 10 plans currently available — labeled A through N — and we can help you identify the policy that will work best for your situation.

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How Much Does it Cost?

The amount you’ll pay will vary by plan and provider. The only differences between Medigap providers should be the monthly premium; the benefits are federally regulated by plan. Lacayo Group Insurance can help you shop rates to make sure you’re getting the lowest premium for your chosen plan.

How Insurers Set Their Premiums

You can be charged in one of three ways:

1) Community-rated. Whether you buy a plan at age 65 or age 70, your premium wouldn’t change. Your rates can go up, but not due to your age.

2) Issue-age-rated. Your rate is based on your age when you’re first issued a Medigap policy. Premiums may increase because of inflation, but never because of your age.

3) Attained-age-rated. Your rate is based on your current age when you enroll, and it will keep increasing as you get older. Your plan’s premium may also go up due to inflation.

Why Purchase Medigap Coverage?

✔ See any doctor in the country who accepts Medicare

✔ Lowers your out-of-pocket costs

✔ Coverage is renewable as long as premiums are paid

✔ Some policies cover foreign travel emergency care

Are You Eligible for Medigap Coverage?

You must have Medicare Part A and Part B to be eligible for Medicare Supplemental insurance. When you buy a plan, you’ll keep paying the Part B premium ($148.50 in 2021) and a monthly premium for coverage.

Note: Medigap and Medicare Advantage are not the same thing. With a Medigap plan, you can take your coverage with you — there are no healthcare provider networks.

When Is the Best Time to Enroll?

It’s best to enroll during your Medigap Open Enrollment Period. This is a six-month window that begins the first day of the month you turn 65 and are enrolled in Medicare Part B. During this time, insurers can’t use medical underwriting, and you typically get better prices and have more options to compare.

Other Things to Know

You may hear or have heard about “guaranteed issue rights” or “Medigap protections.” This means that in certain situations, Medigap insurers must offer you certain plans and cover all your pre-existing conditions. You can’t be turned down for health reasons.

Generally speaking, Medigap plans don’t cover long-term care, prescription drugs, hearing aids, eyeglasses, or vision or dental care. Consider adding a separate Part D plan if you need drug coverage.

Also, you should know that a Medigap policy covers ONE person. You and your spouse will need to purchase separate policies if you both want Medigap coverage.

For more information on Medicare Supplements in Florida and Texas, keep browsing our site or give us a call today.

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