Medicare supplement plans are extra insurance that you can buy from private health insurance companies to help pay your share of the cost of Original Medicare (Parts A and B). These standardized policies cover many of the gaps in Medicare coverage, such as copayments and deductibles.
These standardized Medicare Supplement policies are sold by private insurance companies that are licensed to sell them by the Texas Department of Insurance (TDI). They are sold to people who are already enrolled in Medicare Parts A and B.
TDI sets the rules for these policies and regulates the insurance companies Visit URL that offer them. These policies must pay for services that Medicare says are medically necessary and pay claims promptly. The only time that these insurance companies can deny coverage or charge more for a claim is if they believe your condition or disease makes it more likely that you will need the services covered by your policy.
You can compare Medicare Supplement plans by looking at the standardized benefits in each plan, which are listed by letter. Then, consider the premiums that each company charges for each plan. Depending on where you live, there may be different rates for the same plan from several companies.
Medigap plan A is the cheapest option to add extra health insurance to your original Medicare plan. It covers your Medicare Part A deductible, Medicare Part B copayments, and some Medicare Part B coinsurance.
Most Medicare supplement policies also pay for preventive services at $0 copay or deductible. These include glaucoma tests, HIV screenings, pap test/pelvic exam/clinical breast exam, hepatitis B vaccines, and prostate cancer screenings.
Some supplemental insurance plans also offer benefits such as emergency care overseas, travel insurance, prescription drug coverage and more. These extra features can be very helpful, especially if you have to leave the country often.
The best way to compare Medicare Supplement policies is to visit the website of each company that offers these plans. These websites also have information about the plan, including the costs and coverage.
You can also use the online Medicare plan search tool provided by the federal government to find a policy that meets your needs. This site also has information about a policy’s coverage, costs, and a list of companies in your area that sell these plans.
During your one-time Medicare Supplement open enrollment period, which starts when you first enroll in Medicare Part B and age 65 or older, you have the right to buy any Medicare supplement policy available in your state from any company that sells these policies. If you apply after your open enrollment period, or if you are under 65 or have certain health conditions, you won’t be able to get a Medicare supplement policy.
Guaranteed Issue Rights – A person who loses Medicaid due to a change in their financial situation has a guaranteed issue right to buy a Medicare supplement policy. This guaranteed issue right is valid for 63 days from the date of loss of Medicaid or the date of notice that you will lose coverage, whichever comes later.