Colleyville Medicare Supplements

Medigap is extra health insurance that you buy from a private company to pay health care costs not covered by Original Medicare, such as co-payments, deductibles, and health care if you travel.

Medigap is extra health insurance that you buy from a private company to pay health care costs not covered by Original Medicare, such as co-payments, deductibles, and health care if you travel outside the U.S. Medigap policies don’t cover long-term care, dental care, vision care, hearing aids, eyeglasses, and private-duty nursing. Most plans do not cover prescription drugs. Ashford Insurance offers a selection of Colleyville Medicare Supplement Plans from many top carriers.

Colleyville Medicare Supplements are standardized by the Federal Government. They are labeled A, B, C, D, F, G, K, L, M, and N. Medicare Plan F is no longer available to those who are eligible for Medicare after January 1, 2020.

Each standardized Medigap policy must offer the same basic benefits no matter which insurance company sells it. Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies. Plan A pays the Medicare hospital and physician coinsurance, the first three pints of blood, and 365 days of hospitalization beyond Medicare. Plans B through N provide these benefits and add more benefits such as coverage for Medicare deductibles, excess charges and limited preventive care, and foreign travel. You can only have one Med Sup plan. No one should try to sell you an additional Medsup plan unless you decide you need to switch policies.

Open Enrollment for Texas Medicare Supplement Insurance is at age 65 for all consumers, including those already receiving Medicare due to disability. The Open Enrollment period is a six-month period, beginning when you are both age 65 or older and enrolled in Medicare Part B, companies must sell you any Medicare supplement plan they offer. After this limited open enrollment period, companies can pick and choose whom they will cover and how much they will charge based on your health. If you have an individual or “bank group” insurance policy, becoming Medicare eligible does not require you to cancel it and purchase a Medicare supplement. Doing so may save premium costs but it is important to compare benefits before deciding which will work best.

If you are eligible for employer retirement insurance, review the plan carefully to understand what benefits are available and how it works with Medicare. Be aware that employer plans are not standardized and are not subject to the requirements governing standardized Medicare supplement policies. Also, it is important to remember, if you leave an employer plan you may not be able to go back on it.

Depending on the Medicare supplement plan you choose, the plan may provide a benefit for (Benefits and cost vary depending on the plan you choose.):

• Part A coinsurance (and most plans provide a benefit for the Part A deductible)
• Some of the out-of-pocket costs not paid by Part B (some plans also cover the Part B deductible)
• Cost of blood transfusions (first 3 pints)
• Cost of up to 365 extra hospital days after you’ve used up your Part A benefits
• Skilled nursing facility coinsurance or copayment
• Part A hospice/respite care coinsurance or copayment

You pay a monthly premium and some out-of-pocket costs.

8 things to know about Medigap policies 

1. You must have Medicare Part A and Part B.
2. A Medigap policy is different from a Medicare Advantage Plan.  Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your Original Medicare benefits.
3. You pay the private insurance company a monthly premium for your Medigap policy. You pay this monthly premium in addition to the monthly Part B premium that you pay to Medicare.
4. A Medigap policy only covers one person. If you and your spouse both want Medigap coverage, you’ll each have to buy separate policies.
5. You can buy a Medigap policy from any insurance company that’s licensed in your state to sell one.
6. Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
7. Some Medigap policies sold in the past cover prescription drugs. But, Medigap policies sold after January 1, 2006, aren’t allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D). If you buy Medigap and a Medicare drug plan from the same company, you may need to make 2 separate premium payments. Contact the company to find out how to pay your premiums.
8. It’s illegal for anyone to sell you a Medigap policy if you have a Medicare Advantage Plan unless you’re switching back to Original Medicare.

About Plan F

When it comes to Medicare Supplement Insurance coverage, the plan F option is considered the most popular. According to Bankrate, two-thirds of Medicare enrollees who purchase a Medigap plan opt for Plan F. Discover the benefits of Medigap Plan F and why this policy is so popular among baby boomers.

Plan F Includes Most Deductibles, Coinsurance, and Copayment Costs

Medicare Parts A and B cover many of your health care expenses, but this basic coverage certainly doesn’t include everything. From deductibles to coinsurance and copayments, your medical costs can add up quickly, especially if you have an unexpected stay in the hospital or nursing home.

Medicare Supplement Plan F, however, helps cover most of these pricey out-of-pocket expenses. This plan includes all Parts A and B deductibles, along with coinsurance and copayments for Part A hospice care and Part B outpatient services. It also includes Part A coinsurance and hospital costs for an extra 365 days after you’ve used your initial Medicare benefits. If you have a lengthy hospital stay, this can save you thousands.

Plan F Covers Part B Excess Charges

In some cases, the actual cost of your health care services, medical supplies, or durable medical goods is higher than the Medicare-approved amount. When your doctor charges more than the Medicare-approved amount, the extra is what’s known as a Part B excess charge.

If you only have Original Medicare, you’re responsible for paying the excess charge out of pocket. Under Medigap Plan F you won’t pay an extra cent since this Medicare Supplement Insurance plan covers Part B excess charges.

Plan F Features Foreign Travel Coverage

If you’re planning to travel and see the world during your retirement, you might be disappointed at just how little coverage Original Medicare provides while you’re traveling. If foreign travel is in your plans, buying a Medigap plan is a smart choice for affordable coverage. Medicare Supplement Plan F features an 80% foreign travel exchange, up to plan limits. That means you’ll stay covered anywhere in the world.

Note: Medigap plans sold to people who are newly eligible for Medicare aren’t allowed to cover the Part B deductible. Because of this, Plans C and F aren’t available to people newly eligible for Medicare on or after January 1, 2020. If you already have or were covered by Plan C or F (or the Plan F high deductible version) before January 1, 2020, you can keep your plan. If you were eligible for Medicare before January 1, 2020, but not yet enrolled, you may be able to buy one of these plans that cover the Part B deductible.