Medicare Supplement
Unfortunately, Medicare doesn’t cover everything. Only a portion of the total hospital bill is typically covered by Original Medicare. As a result, many people purchase secondary insurance to make sure they don’t have any gaps in their coverage. One of the most popular ways to cover these gaps is a type of insurance called Medicare Supplement plans.
A Medicare Supplement Insurance (Medigap) policy, sold by private companies, can help pay some of the health care costs that Original Medicare doesn’t cover, like co-payments, coinsurance, and deductibles. Some Medigap policies also offer coverage for services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. (Visit Medicare.gov for more information)
*Plan N has a doctor office visit of $20 and a $50 copay for the ER, unless admitted to the hospital.
Did your Medicare Supplement rate increase?
You DO HAVE the right to switch insurance companies year-round as long as you are able pass the underwriting questions that each respective insurance carrier has. Most insurance carriers have a “yes/no” 2 to 5 year look back on health and medications taken or prescribed.
When and how can I switch my Medicare Supplement?
Each year, you have the right to renew your current plan. While your rates may increase, your insurance company cannot refuse to renew your coverage or impose any waiting periods based on pre-existing conditions, as long as you stay in the same plan as before.
You have the right to switch insurance companies, to an identical plan, under Missouri law, each year during the 30 days before or after your policy anniversary date (the date on which your policy first started).
For example, if your policy renews on June 30, you can switch policies between June 1 and July 30. You can call the insurance company to get your anniversary date. If you change to the same lettered plan–for example, from Plan F at Insurance Company XYZ to Plan F at Insurance Company ABC, the new insurance company cannot deny you coverage and cannot impose a waiting period based on pre-existing conditions.
To demonstrate that you qualify to change insurance companies, you are required to show only minimal proof. Simply produce a renewal notice (from your old insurance company), invoice, the old policy or other confirmation of policy ownership to the agent or new company.
What we can do.
Medicare can be confusing, but at Alley & Co. Insurance Brokerage we enjoy helping people understand their options and answering your questions. We work all the top-rated carriers and shop the rates daily to ensure that your get the most for your hard-earned money. We are here to help you navigate your options.
Call us today to request your no obligation, FREE to you, Medicare Supplement cost comparison.