Medicare Supplement Insurance Plans


Medicare » Medicare Supplement Insurance Plans

Caring for the elderlyLearn your Medicare Supplement ABCs

There are 10 Medicare Supplement plan types. Letters of the alphabet identify the various plans, and each plan represents a particular level of coverage.

Here is something you probably did not know: cost is all that separates one company’s Medicare Supplement line from another company’s. The plan details and policy benefits are identical, no matter which insurer carries the product. That is an important fact to keep in mind.

It is no wonder people are confused about Medicare. It is a complex program and a challenge to decode.

AmeriLife wants to help ensure you understand each of the available plans. Therefore, we have created a list of all Medicare Supplement plans. This will help you compare policies and figure out which plan comes closest to meeting your current and future health needs – as well as fitting into your budget.

Costs not covered under Original Medicare generally fall into three categories:

  • Copayments
  • Coinsurance
  • Deductibles

Learn your Medicare Supplement ABCs

There are 10 Medicare Supplement plan types. Letters of the alphabet identify the various plans, and each plan represents a particular level of coverage.

Caring for the elderly

Here is something you probably did not know: cost is all that separates one company’s Medicare Supplement line from another company’s. The plan details and policy benefits are identical, no matter which insurer carries the product. That is an important fact to keep in mind.

It is no wonder people are confused about Medicare. It is a complex program and a challenge to decode.

AmeriLife wants to help ensure you understand each of the available plans. Therefore, we have created a list of all Medicare Supplement plans. This will help you compare policies and figure out which plan comes closest to meeting your current and future health needs – as well as fitting into your budget.

Costs not covered under Original Medicare generally fall into three categories:

  • Copayments
  • Coinsurance
  • Deductibles

Caring for the elderlyAbout Medicare Supplement plans

The 10 plans are A, B, C, D, F, L, K, G, M and N.

To sell a person Medicare Supplement insurance, an insurance agent must be licensed to do so in that state.

What’s more, insurance companies must offer Plan A if they want to offer any Medicare Supplement plans. They must also offer Plan C or Plan F.

If you live in Massachusetts, Minnesota and Wisconsin, Medicare Supplement is standardized differently than other states.

Insurance companies set pricing for their plans in a variety of ways. Some companies charge the same regardless of the person’s age, while others set the premium rate by the age of the purchaser. (The younger you are, the less expensive it costs.)

Still others raise premium prices as the people who buy their policies get older, as well as for other reasons, such as inflation.

Knowing which of these pricing methods applies to the Medicare Supplement plan you are considering will help you budget for the costs now, as well as further down the road.

About Medicare Supplement plans

The 10 plans are A, B, C, D, F, L, K, G, M and N.

To sell a person Medicare Supplement insurance, an insurance agent must be licensed to do so in that state.

Caring for the elderly

What’s more, insurance companies must offer Plan A if they want to offer any Medicare Supplement plans. They must also offer Plan C or Plan F.

If you live in Massachusetts, Minnesota and Wisconsin, Medicare Supplement is standardized differently than other states.

Insurance companies set pricing for their plans in a variety of ways. Some companies charge the same regardless of the person’s age, while others set the premium rate by the age of the purchaser. (The younger you are, the less expensive it costs.)

Still others raise premium prices as the people who buy their policies get older, as well as for other reasons, such as inflation.

Knowing which of these pricing methods applies to the Medicare Supplement plan you are considering will help you budget for the costs now, as well as further down the road.

How to enroll in Medicare Supplement

Before we begin, remember you must have Original Medicare Part A (hospital coverage) and Part B (medical coverage) to purchase Medicare Supplement insurance. Its purpose is to help you with costs not covered by Parts A and B.

There are specific times you can buy Medicare Supplement insurance:

  • Open Enrollment Period (OEP) – a one-time opportunity spanning six months. It starts the first month you are covered under Part B and you are age 65 or older. Insurers cannot deny you Medicare Supplement insurance, nor can they require you to pay more because of current or prior health issues.
    Check with your State Health Insurance Assistance Program (SHIP) to discover if your state has additional OEP rights or enrollment guidelines.
  • Guaranteed Renewable – a type of policy that may not be cancelled by the insurance company, with the following exceptions: the policyholder makes false statements to get the coverage, does not pay premiums and/or commits fraud.

Along with paying a monthly Medicare Supplement premium to the private company providing the coverage, you will also pay a monthly Part B premium to Medicare. Check with the provider to find out where and when to send Medicare Supplement premium payments.

When to enroll in Medicare Supplement Insurance

The ideal time is during your Medicare Supplement Insurance Open Enrollment Period, or OEP. It starts the month you turn age 65 or older, and you are enrolled in Original Medicare Part B. Medicare Supplement policies cover individuals, not spouses or partners.

Length of enrollment periods vary by state. However, the minimum OEP is six months. If you buy within your OEP, companies are required to sell you a Medicare Supplement plan even if you have health issues or pre-existing conditions. (This is a guaranteed issue period.)

If you wait to obtain Medicare Supplement after your OEP, you may subject yourself to the provider’s underwriting process. This means you may have to pay more for a policy if you qualify, or have your application for coverage turned down altogether.

Know your rights

Keep in mind Medicare does not cover any Medicare Supplement policy costs. You pay a second premium for a Medicare Supplement. Furthermore, Medicare Supplement plans do not cover long-term care or nursing home care. Nor do they offer the option of so-called “voluntary” insurance add-ons such as vision, hearing and dental.

However, some Medicare Supplement insurance policies incorporate benefits not covered under Original Medicare at all, such as travel expenses a beneficiary may incur if they experience an emergency in a foreign country.

Consumers have certain rights regarding the selection of a Medicare Supplement policy. Buyers also have federal and state legal protections.

For example, some states offer a Medicare Supplement product called Medicare Select. This type of policy comes with a built-in and required network of hospitals.

If you buy a Medicare Select policy, you have 12 months to change your mind after the purchase and switch to a regular Medicare Supplement plan.

In addition, it is illegal to sell someone a Medicare Supplement policy if you have a Medicare Savings Account Plan (MSA).

AmeriLife can helpAmeriLife can help

There are so many things to consider with Medicare. You not only want to make the right choices, you want to make them at the right time.

AmeriLife agents are very knowledgeable about the Medicare program and can answer any questions you have.

AmeriLife can help

There are so many things to consider with Medicare. You not only want to make the right choices, you want to make them at the right time.

AmeriLife agents are very knowledgeable about the Medicare program and can answer any questions you have.

AmeriLife can help

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