If you receive health insurance coverage through Medicare, you may have noticed your plan does not cover all of your medical costs. Medicare Supplement Insurance, also known as Medigap, may help you cover costs you are currently paying out-of-pocket in addition to your Original Medicare. This type of supplement is provided through private health insurance companies and requires an additional monthly premium in addition to Original Medicare. At Health Insurance Demo, we help clients in San Diego, California explore several standardized Medigap options. Contact our certified agents today to discuss your options and explore a full range of insurance options.
Are You Eligible for Medicare Supplement Insurance?
To be eligible for Medicare Supplement Insurance, you must first have Original Medicare. Original Medicare is Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). To qualify for Original Medicare, you must be:
- Age 65 or older
- Have end-stage renal disease (ESRD)
If you are already enrolled in Medicare Part A and Medicare Part B, you can elect to add Medicare Supplement Insurance to your current plan at an additional cost. You cannot enroll in Medigap, however, if you are already enrolled in a Medicare Advantage plan. You may choose to switch to a combination of Original Medicare and Medicare Supplement Insurance as long as you end your Medicare Advantage plan first.
Medicare Supplement Standardized Options
At Health Insurance Demo, we can help you understand all 10 standardized Medigap plans available to you as a California resident in San Diego. While Medigap insurance is offered through private insurance companies, all types of Medigap are standardized by the government.
To understand what type of Medicare Supplement Insurance will work for you, you should first evaluate how much you are paying out-of-pocket on Original Medicare alone. Usually, these costs include out-of-pocket deductibles, coinsurance and copayments. Many Medigap plans also cover emergency healthcare outside of the United States for patients when they require it. Medigap insurance is designed to partially or fully cover these costs in exchange for your regular premium payments.
When to Purchase Medicare Supplement Insurance
You are eligible to enroll in Medicare Supplement Insurance once you have been enrolled in Original Medicare and are 65 or older, have a disability or have been diagnosed with End Stage Renal Disease (ESRD). If at all possible, you should consider purchasing Medigap during your initial six-month Medigap open enrollment period (once you turn 65 and have enrolled in Medicare Part B).
During this time, you can purchase any of the 10 types of Medigap insurance, no matter the state of your health. While you may apply for Medicare Supplement Insurance at a later date, you may be denied coverage due to pre-existing conditions or have to pay a much higher premium for coverage.
Paying for Medigap
A Medicare Supplement policy may be right for you if you anticipate paying regular copays, deductibles, or coinsurance. Our licensed agents can discuss your unique situation to determine whether this add-on service will save you money long term. We can also help you understand other options, such as Medicare Advantage Plans, or adding on Medicare Part D (for prescriptions) to help ease the burden of expensive monthly prescriptions.
Consider Medigap Before Your Enrollment Period
At Health Insurance Demo, we are here to serve you. Our passionate agents will help you understand what type of insurance plan works best for you and your family. Contact us today to schedule a confidential consultation today.