Medicare Supplements 76053

Medicare Supplement Insurance

Medicare Supplement Insurance (Medigap) is private health insurance that can help cover some of the out-of-pocket costs that Original Medicare (Part A and Part B) does not, such as copayments, coinsurance, and deductibles.

There are 10 different Medigap basic benefits options to choose from in most states. Plans are labeled A, B, C, D, F, G, K, L, M, and N. Plans with innovative benefits may also be available.

The benefits and cost of each plan vary, so it’s important to compare plans before you choose one. Some of the things you’ll want to consider include:

• The specific benefits that are important to you
• The cost of the premiums
• The out-of-pocket costs that you’ll still be responsible for

You can only have one Medigap plan at a time. If you decide you need to switch plans, you’ll need to go through a new underwriting process.

Open Enrollment

In Texas, you have a six-month open enrollment period during which you can purchase any Medigap plan that you’re eligible for. This period begins the month you turn 65 and are enrolled in Medicare Part B. After the open enrollment period, you may still be able to purchase a Medigap plan, but you may have to meet certain health requirements.

Employer Retirement Insurance

If you’re eligible for employer retirement insurance, you’ll need to carefully review the plan to understand what benefits are available and how it works with Medicare. Employer plans are not standardized and are not subject to the requirements governing standardized Medicare supplement policies.

Medicare Advantage Plans

Some Texas residents are eligible to enroll in approved Part C Medicare Advantage plans. These plans are offered by private insurance companies and typically include additional benefits, such as vision, dental, and hearing coverage.

Medigap vs. Medicare Advantage

Medigap and Medicare Advantage are two different types of health insurance plans that can help cover some of the costs of Original Medicare. Medigap is private insurance that you purchase yourself, while Medicare Advantage is a government-sponsored plan that you can choose to enroll in.

The main difference between Medigap and Medicare Advantage is the way that they cover your out-of-pocket costs. Medigap plans typically cover copayments, coinsurance, and deductibles, while Medicare Advantage plans typically cover all of your health care costs.

Choosing the Right Plan for You

The best way to choose the right Medicare plan for you is to compare your options and consider your individual needs and budget. If you’re not sure where to start, you can talk to a Medicare-approved insurance agent or your local Social Security office.