Weatherford Medicare Supplements
Texas Medigap Made Easy
Weatherford Medicare Supplements
Many Weatherford residents new to Medicare can be overwhelmed by Medicare and confused about their options. The parts and plans quickly turn into alphabet soup—Part A, Part D, PPO, AEP. After years of dealing with one set of health insurance choices, you now must learn a whole new world. Being confused is a very natural reaction.
To make it worse, not understanding Medicare can have real-life consequences. Missing a deadline or choosing the wrong plan can cost you money because of fees or poorly suited coverage.
Ashford Insurance specializes in Medicare supplements and Medicare Advantage insurance. Find out why Boomers love our agency.
Here at Ashford Insurance, we represent several of the major carriers for Medicare Supplement plans (aka Medigap policies) and Medicare Part D drug plans. We will help you find the plan that suits your health care needs, and your financial budget as well.
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.
You can buy Medicare supplement insurance to help pay some of your out-of-pocket costs that Medicare won’t pay. Because it helps cover some of the “gaps” in Medicare coverage, Medicare supplement insurance is often called Medigap insurance.
To purchase Medicare Supplement Insurance, you must be enrolled in Medicare Part A and Part B. Medicare Supplement Insurance (also known as Medigap) provides coverage for gaps in medical costs not covered by Medicare. Medicare Supplement plans are standardized and offer numerous benefits to help offset your healthcare cost.
Depending on the Weatherford 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.
Weatherford Texas Medicare Supplements are standardized by the Federal Government. They are labeled A, B, C, D, F, G, K, L, M, and N. 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.
The Medicare Supplement plans are designed to be subscribed to right alongside a valid Original Medicare plan, offering complementary 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.
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.
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.
Medicare Supplement Plans were created to be coupled with Original Medicare benefits. In addition to the 80% coverage offered by Original Medicare, they provide secondary benefits for the other healthcare expenses not normally covered.
The additional benefits can leave little to no out-of-pocket expenses for the Medicare beneficiary.
Generally, except for a few states, there are 10 letter plans. Each lettered plan consists of a combination of added benefits to pairing with Part A and Part B.
Regardless of where you live, each letter plan’s benefits are the same.
The only difference with the plans is the cost, as each individual insurance carrier determines the monthly premiums and will vary on a variety of factors.
Age, gender, and location are key factors in what each individual insurance company charges.
Additionally, different pricing methods are used:
Issue-Age-Rated– premiums are based on the age at which the Medicare Supplement Plan is purchased.
Attained-Age-Rated– Premiums are based on the age at which the insurance is purchased but will also increase as you age.
Community-Rated– premiums are the same based on where you live regardless of age.
Medicare Supplement Plan premiums will vary over time regardless of which method is used.
Again, each letter plan has the exact same benefits regardless of where you live, however, the premiums will vary based on the insurance company and which method they decide upon when charging premiums.
Ashford Insurance offers a selection of Weatherford Medicare Supplements from some of the top Texas insurance carriers.
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.
Ashford Insurance is an insurance agency serving North and Central Texas specializing in Medicare health plans. There are too many prescriptions drug plans, Medicare Advantage Plans, and Medicare supplement plans and carriers to sort through. We help you sift through this maze of information to find a plan that will provide the benefits you need. If you have questions about Medicare, call Ashford Insurance at 817-952-3153.