Medicare Supplement Insurance
Baren Associates
Medicare SupplementInsurance (Medigap)
Medicare is Great
But, it doesn't cover every-thing. You are responsible for deductibles, co-pays, co-insurance and it has certain coverage limits. These can add up to a lot of money out of pocket.
The best way to protect against those added costs and limits is to acquire a Medicare Supplement (Medigap) Plan. There are currently 10 standardized plans that are specified by Medicare. Every company that offers a particular plan must provide the exact same coverage.
However, due to market conditions and efficiencies and various underwriting standards, the premiums paid for the same Medigap Plan can be very different from company to company.
When we help you select an appropriate Medigap Plan, we start with your specific requirements. We then select from the list of established companies who offer that plan in your area. The goal is not to find the absolute cheapest plan. It's to find the most cost effective plan with a highly rated company.
Travel much?
Medicare only covers doctors and hospitals in the United States that accept Medicare. You are not covered outside the U.S. Most Medigap plans however, do cover emergency medical treatment outside the U.S. Very important if you travel.
Timing is Everything
If you enroll in a Medigap Plan during your Medigap Open Enrollment Period, they must accept you in that plan. There are no Health questions and pre-existing conditions will not be a factor. Premiums will be the same as everyone else in that plan in your area at your age.
Is Health an Issue?
If you enroll in a Medigap plan during your Medigap Open Enrollment Period, you cannot be denied acceptance or be charged a higher premium due to any health conditions. However, if you enroll after your Open Enrollment Period or you later switch plans, your health can be an issue. You will need to go through medical underwriting and you could be "rated" (charged a higher premium) or even denied acceptance. We are familiar with the underwriting standards of various companies. We have a good idea which companies have plans that are attainable and help you find a good plan you would qualify for.
If you need
to acquire or switch Medigap plans after your Open Enrollment Period, there are some "special conditions" which may qualify you for a Guaranteed Issue Medicare Supplement Insurance plan. Call us to see if the special conditions apply in your case.
Medigap Plans
Medicare Supplement Insurance ("Medigap") Plans are offered by private insurance companies. However, Medicare specifies the coverage that each plan must include. Currently, there are 12 different Medigap Plans (including 2 High Deductible plans). Here is a chart of all of the current plans and which features each includes.
