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What is Medicare Supplement Insurance?
Medicare Supplement (or Medigap) insurance can help cover medical expenses not covered by Medicare (remember, Medicare doesn't cover everything). Because it pays in addition to your Medicare benefits, Medicare Supplement insurance can help reduce the amount of money you must pay on your own and can help protect your retirement savings.
If Medicare does cover a service, you could still have out-of-pocket expenses you must pay such as deductibles, co-payments or coinsurance. Medicare Supplement insurance can help lower your out-of-pocket medical costs. Plus:
- It allows you to choose your own Medicare-approved doctors and hospitals — there are no networks or referrals needed
- Your coverage is guaranteed renewable — it cannot be canceled as long as you pay your premiums
- Even if you move or travel within the U.S., your coverage stays with you
- If you have open enrollment or guaranteed issue rights, your coverage is guaranteed — there are no health questions to answer
4 Tips for Buying Medicare Supplement Insurance
Know the best time to buy: The best time is during your Open Enrollment Period. Generally, it begins on the first day of the month in which you turn 65 and you are enrolled in Medicare Part B. It lasts for six months, and you cannot be turned down during this time even if you have pre-existing health conditions. After this period, your options may be limited.
Ask how prices are set: Insurance companies that sell Medicare Supplement coverage can set prices in three ways: Issue-Age-Rated; Attained-Age-Rated; Community-Rated. To help you find the best value, be sure to ask how prices are set before you buy — it can affect how much you pay now and in the future. Physicians Mutual is one of few companies that allows you to choose how your premium rate is structured.
Learn about ways to save: As pioneers in Medicare Supplement insurance, Physicians Mutual is always looking for additional ways to help save you money. If you're enrolling after age 65, our Age Forgiveness Rating — which allows you to turn back the clock to age 65 — is one way we help you save. Be sure to ask about our many discounts available.
Get help when you need it: When you're ready, talk with one of our experienced and friendly agents who can help you sort out all the details and customize the best option for you.
Your Plan Options
There are a variety of Medicare Supplement options available. In most states, all insurance companies that sell Medicare Supplement insurance must offer the basic option (Plan A). Depending on where you live, companies may offer additional options as well (Plan B-D, F, G, K-N). Based on the option you choose, you can receive benefits for:
Tip: Because Medicare Supplement Plans are standardized, few companies have been able to offer something different. Physicians Mutual is an exception. We offer an Innovative Discount Rider on Plan F, which lowers your premium costs for life.* This option is so unique we have a patent for it.
Time Saver: Medicare has four enrollment periods each year, the times when you can sign up or make changes to your Medicare plan. To help you keep track of these important dates, download this helpful overview of Medicare Enrollment Periods.
Time Saver: Use this handy at-a-glance chart to compare Medicare Supplement coverage options. When you're ready, we can help you determine which option may be best for you.
How Much Coverage Do You Need?
When deciding on the best Medicare Supplement coverage for you, take time to consider your health care needs.
Also think about medical expenses you may be responsible for, such as deductibles, co-payments and coinsurance. One of our friendly agents can help you customize a plan just right for you.
* If you drop the Innovative Discount Rider before year four, your premium amount becomes the Plan F premium amount.
Medicare Supplement Insurance Policy/Rider Kinds: