A Simple Explanation of a Medicare Supplement

Hi, My name is Tiffani Robinson and I’m going to give you a simple explanation of a Medicare Supplement.

A Medicare Supplement Plan is an insurance plan offered by private insurance companies such as Aetna, Mutual of Omaha, Cigna, United Healthcare and other insurance companies. Medicare Supplements fill the gaps in Original Medicare such as copays, coinsurance, and deductibles.  You should know that Medicare Supplements are sometimes called a Medigap Plans.

Answers to Frequent Questions about Medicare Supplements

 

How do you qualify for a Medicare Supplement?

In order to have to have a Medicare Supplement, you must have Medicare Part A and Medicare Part B.

Does a Medicare Supplement restrict me to a network of doctors?

A Medicare Supplement doesn’t just restrict you. You are not required to stay within a doctor network in Las Vegas, Nevada. When you have a Medicare Supplement, you are allowed to go to any Doctor in the nation as long as they accept Original Medicare.

Which plan should I choose?

There are a number of insurance companies offering Medicare Supplement Plans in Nevada. The most common plans that people choose in Nevada are the Plan F and Plan G. All of the plan letters are standardized by the Federal Government.  It is important to shop around before making a decision because, while the benefits for each plan are the same, prices can vary.

Other cost considerations:

Sometimes, insurance companies give a household discount if your spouse has the same plan or is of a certain age. Also, remember that in addition to buying a Medicare Supplement, you must continue paying your Part B premium.

What about prescription drug coverage?

In the past, some Medicare Supplement plans covered prescription drug coverage but that is not the case anymore.  In order to have coverage for your prescriptions, you must enroll in a stand-alone Prescription Drug Plan. If you don’t enroll in a Prescription Drug Plan, you will begin to accrue a penalty that can become very costly later.

When should I purchase a Medicare Supplement?

One of the great things about purchasing a Medicare Supplement when you’re first eligible for Medicare is that you don’t have to go through medical underwriting. If you are joining later, you may have to answer health questions to see if you qualify.

Can my Medicare Supplement company cancel my policy if I have big claims?

No. Your Medicare Supplement is guaranteed to renew every year. Even if your health declines, the insurance company cannot cancel your coverage as long as you continue to pay your premium.

Be sure to explore your options:

There are many options here in Nevada, so it is important to explore all of them and see what best fits your needs. That is where we come in at the Medicare Store. Give me a call anytime and I’ll be happy to help!

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