Northlake Medicare Supplements

Are you close to turning 65? If you or your family is hitting this milestone age soon, then it’s time to take a look at Medicare. Do you know what it covers? Where the gaps in coverage are? When you are eligible to sign up? Enrolling in Medicare can be an overwhelming and confusing experience. Benefits may be different from those you had while you were under a private policy.

Confused? Many People Are. It can seem overwhelming when trying to plan your future coverage and sort through the many options, especially since the choices you make can have a significant effect on your health care and your financial well-being.

Now, more than ever, it is vitally important that you understand your healthcare options. Choosing the right plan is the single most important decision you’ll make for your future health. As a licensed Medicare supplement insurance agent in the state of Texas, we work with many TX health insurance carriers and will be your advocate in dealing with them. Our broker and consultant services are offered at no cost to you.

Medicare Supplement Insurance (Medigap) can help with some costs that Original Medicare doesn’t cover.

Medicare is a federal health insurance program that pays most of the health care costs for people who are 65 or older.  It will also pay for health care for some people under age 65 who have disabilities.

Northlake Medicare Supplement Insurance is private 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. Comparing Medicare Supplement Insurance plans can help you find the right policy for your health care needs.

Northlake, Texas Medicare Supplements are standardized by the Federal Government. They are labeled A, B, C, D, F, G, K, L, M, and N. In case you were not aware, 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 Medigap plan unless you decide you need to switch policies.

These private plans cover most or all original Medicare’s out-of-pocket costs. If you select this option, you will continue to be covered by Original Medicare. After Medicare has paid your claims, it will automatically forward them to your Medigap plan. The Medigap plan will then pay its portion of the bill.

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 six months, 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 that if you leave an employer plan you may not be able to go back on it.

Each type of Medigap plan covers four standard benefits:

• Part A coinsurance and hospital costs
• Part B coinsurance or copayment
• Your first three pints of blood
• Part A hospice care coinsurance or copayment

Each type of plan may also cover one or more of these five additional benefits:

• Skilled nursing facility care coinsurance
• Part A deductible
• Part B deductible
• Part B excess charge
• Foreign travel exchange

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

Some Texas residents are eligible to enroll in approved Part C Medicare Advantage plans. These plans are offered by private insurance companies. Each year Medicare Advantage companies decide where they will offer their plans, what benefits will be offered, and what the premiums will be. Several include vision, dental, hearing, and wellness programs not covered by original Medicare. As noted earlier many Medicare Advantage Plans also offer prescription drug coverage. There are several Medicare Advantage plans available in Dallas, Tarrant, and surrounding counties. Depending on plan choice, a member may be responsible for paying co-payments for certain covered services. Most importantly, with Medicare Supplements, Medicare Advantage, and stand-alone Part D Prescription Drug Plans, you must continue to pay your Part A (if any) and part B Medicare premiums.

Medigap Plan F is the most comprehensive type of plan, which explains why it’s also the most popular type of Medicare Supplement Insurance plan. You may be better served with a less comprehensive plan, however, so it’s important to compare each type of basic benefit.

Note: As of January 1, 2020, Medigap plans sold to new people with Medicare aren’t allowed to cover the Part B deductible. Because of this, Plans C and F are not available to people new to Medicare starting on January 1, 2020.