Medicare Supplements

Medicare Supplements are a type of plan you can add to your Original Medicare for extra out-of-pocket cost coverage. They are very useful and a great option for many beneficiaires.

What Medicare Supplements Can Do For You

There are 10 different Medicare supplements—plans A, B, C, D, F, G, K, L, M, and N. The ways in which a supplement directly benefits you will depend on the plan you choose. Generally speaking, however, any of these plans will help you save money.

Depending on your budget and the amount of coverage you’re looking for, you are sure to find a supplement that suits your needs. Each plan offers its own amount of benefits, ranging from little coverage at a low price with Plan A or high coverage with Plans F and G. Overall, supplements are an outstanding option for many individuals who are looking for extra help with their Medicare costs.

What Medicare Supplements Cover

Once again, the exact coverage you will receive depends on the supplement you purchase. The highest coverage plans, however, include C, F, and G. Plan F, the highest coverage plan, covers:
• Part A coinsurance and hospital costs
• Part B coinsurance or copayment

  • Your first 3 pints of blood for transfusions
  • Part A hospice care coinsurance or copayment
  • Skilled nursing care facility coinsurance
  • Part A and B deductibles
  • Part B excess charges
  • 80% of foreign travel emergency care

But not every plan is the same, and Plan F is certainly not for everyone—some people want that much coverage, some do not. On the other end of the coverage-spectrum is Plan A, which covers much less at a significantly smaller premium:

  • Part A coinsurance and hospital costs
  • Part B coinsurance or copayment
  • Your first 3 pints of blood for transfusions
  • Part A hospice care coinsurance or copayment

Medicare Supplement Eligibility and Enrollment

While there is no shortage of benefits of having a supplement plan, not everyone can get (or wants) one. Eligibility for a supplement plan will depend on the provider, but generally is considered based on age and/or health.

Eligibility for a supplement plan is simple if you enroll during the 6 months following your 65th birthday. This is referred to as your Medigap Open Enrollment Period. During this period of time, supplement providers cannot ask about your health background—even those with health concerns can enroll, and your premium is set accordingly. After this period of time, you will have to undergo a medical exam, and your premium may be higher.

The Cost of a Medicare Supplement Plan

The cost of Medicare supplements will vary depending on the type of plan and the company you purchase from. However, it is fairly easy to get an estimate with a company and plan in mind if you understand how your plan will be rated. These ratings systems determine how much you will pay on a monthly basis, and are as follows:

  • Community-rated: Your premium will be the same as everyone else covered by the same supplement by the insurance company regardless of age.
  • Issue-age-rated: Your premium is set based on your age when you join the plan. So, the younger you are when you sign up, the less you will pay. It will not increase over time.
  • Attained-age-rated: Your premium is set based on your application age, but will increase as you grow older over time.

For Protection and Peace of Mind, Start Here—Call the Coleman Agency

Whether it’s a supplement plan or anything insurance-related, The Coleman Agency knows how to work with people. We will find out what you need and the best way to get it. To get started, call 803-802-7507.

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