Every Medi-gap Plan – also referred to as Medicare supplement plans must follow federal and state laws designed to protect you – and it must be clearly identified as “Medicare supplement insurance”. Insurance companies can sell you only a standardized policy identified by letters “A – N”. All policies offer the same “basic benefits”, but some offer additional benefits – so you can choose which one meets your needs and budget. The purpose of these plans are to pay the health care costs that original Medicare doesn’t cover, like copayments, coinsurance and deductibles.
Because Medicare supplements are standardized it is easy to compare plans offered by different insurance companies. Even though the plan you are comparing is the same, the company is free to charge different premiums.
As of 2012, there are 11 different plans that are available. Insurance companies are not required to offer all the plans – and most do not.
Some important facts you should be aware of about Medicare supplements.
1. You must have “PART A” and “PART B” of Medicare
2. You pay a monthly premium for the supplement in addition to your “PART B” premium.
3. A supplement covers only one person. Spouses must buy separate policies.
4. Supplements are not allowed to offer prescription drug coverage as part of the plan. A PDP plan must be purchased separately.
5. It is important to compare supplement plans and premiums. This is where a good independent agent is a great asset.
To get additional information on Medicare supplements that are available here in Arizona, please call me directly or send an email requesting that I call you to discuss your individual situation.