Ashford Insurance

Texas Medicare Supplement (Medigap)

Medicare Supplements (Medigap) Made Easy

Texas Medicare Supplement (Medigap)

Medicare Supplement Insurance (Medigap) can help with some costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and deductibles. In most states, insurance companies are required to offer standardized Medicare supplemental insurance policies.  Ashford Insurance offers a selection of Texas Medicare Supplement Plans (Medigap) from many top carriers.

The Medicare Supplement plans are designed to be subscribed to the right alongside a valid Original Medicare plan, offering complimentary coverage without ever overlapping. Supplement plans will not work with Advantage plans, so if you need one of them, then you need to choose only one.

Texas Medicare Supplements (Medigap) are standardized by the Federal Government. They are labeled A, B, C, D, F, G, K, L, M, and N. However, 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.

If you are going to buy a Medigap plan, the open enrollment period is six months from the first day of the month of your 65th birthday — as long as you are also signed up for Medicare Part B — or within six months of signing up for Medicare Part B. During this time, you can buy any Medigap policy at the same price a person in good health pays. If you try to buy a Medigap policy outside this window, there is no guarantee that you’ll be able to get coverage. If you do get covered, your rates might be higher.

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.

To see a list of all the Medicare supplements available – take a look at a Medigap supplement chart. This chart can be found in the booklet called “Choosing a Medigap,” which is published by Medicare itself. The chart details the benefits that are included in each Medicare supplement, which are labeled Plan A – Plan N.

Premiums vary among insurance companies, but the benefits of each standard Medigap plan are always the same. For instance, a Medigap Plan C policy offers set benefits no matter which company you buy it from.

For a Medigap plan, you pay a monthly premium to the insurance company in addition to your Medicare Part B premium. The cost of your Medigap policy depends on the type of plan you buy, the insurance company, your location, and your age. A standardized Medigap policy is guaranteed renewable, even if you have health problems as long as you continue to pay your premiums on time.

As you can see, Medigap policies are not for covering items like vision, dental, health and wellness, long-term care, and private duty nursing. Medicare supplemental insurance should be thought of as an extension of the coverage in original Medicare. Some people may think that different kinds of health care products, like Medicaid, Medicare Part D Plans, Medicare Advantage Plans, and TRICARE, are Medicare supplemental policies, but these are not Medigap insurance.