Medicare Supplement Plans
Medicare Supplement Plans
Medicare Supplement Insurance (Medigap) is extra insurance you can buy from a private health insurance company to help pay your share of out-of-pocket costs in Medicare Parts A & B (Original Medicare)
Plans are offered by private insurance companies, but are standardized by the Federal Government.
Plans include full or partial coverage for:
A
It covers hospital stays, skilled nursing facility care, hospice, and some home health care.
B
It covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
C
This is a Medicare-approved plan from a private insurer, covering most Part A and Part B benefits.
D
It helps cover the cost of prescription drugs(including many recommended shots and vaccines).
To qualify for Medicare, you need to have worked and paid taxes for at least 10 years (40 quarters) before you turn 65. This is called "crediting" quarters. If you're unsure, you can check your Social Security statement to see how many quarters you've earned.
1
Special Cases
There are some situations where you might qualify for Medicare even if you haven't worked for 10 years. These include having certain disabilities, having End-Stage Renal Disease (ESRD), or having Lou Gehrig's disease (ALS).
2
Initial Enrollment Period
You can sign up for Medicare during the 7-month period that starts 3 months before you turn 65. If you enroll during this time, your coverage will begin when you turn 65.
3
Sign Up Timing
If you miss the Initial Enrollment Period, you'll have to wait for the General Enrollment Period from January 1 to March 31 each year. Your coverage will start on the 1st day of the month following your enrollment during this period.
4
Automatic Enrollment
If you're already getting Social Security benefits, you'll be automatically enrolled in Medicare Parts A and B when you turn 65. Part A covers hospital stays, while Part B includes doctor visits and outpatient care.
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