MEDICARE SUPPLEMENT
Medicare Supplements also known as “Medigap” plans are insurance plans standardize by the federal government. Each is labeled with a letter. Every plan with the same letter offers the same benefits, no matter what state it’s offered in or by which insurance company. Massachusetts, Minnesota, and Wisconsin have different plans. These plans help pay what Original Medicare doesn’t.
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ELIGIBILITY: You must be enrolled in Medicare with both Part A and Part B active.
MUST KNOW
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Since these plans have standardized benefits, they key variables in making a decision are the customer service offered by the insurance company and the rates they charge
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You can request enrollment in a Medicare Supplement plan at any time, but you may be denied coverage or charged more based on your health history if you enroll after your Medicare Supplement Open Enrollment Period
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Medicare Supplement Open Enrollment Period lasts for 6 months beginning with the month you turn 65 or older and are enrolled in Medicare Part B – during this time your coverage is guaranteed
All Medicare Supplement plans fully or partially pay:
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Part A hospital coinsurance
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Part B coinsurance of copays
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Cost of blood transfusions (first 3 pints)
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Costs for 365 extra hospital days
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Hospice care coinsurance
Medicare Supplement plans may also help pay:
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​Part A deductible
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Part B deductible
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Part B excess charges
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Cost of foreign travel emergency care up to plan limits
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Part A skilled nursing facility care coinsurance