Medicare supplement plans are extra insurance you can buy from a private health insurance company to help pay for some of the costs that Original Medicare doesn’t cover. They are also known as Medigap policies and can be confusing, so it’s important to do your research before making a decision.
In Texas, there are ten standard plans that are sold to people with Medicare. Each one is labeled by a letter, A through N.
These plans offer some coverage for Medicare Part B copayments and deductibles.
Some plans also include Medicare prescription drug coverage Read This Page and routine dental, vision, and hearing care.
Most of these plans come with a monthly premium. These premiums can increase each year, so it’s important to make sure you have enough money to cover the plan’s costs if you need to use these benefits.
If you have a preexisting condition, you may be required to pay more for your insurance. Some companies require a waiting period of up to six months before they cover you for that condition.
Your best chance of finding the right Medicare supplement policy is to shop around during your one-time open enrollment period, which starts when you first enroll in Medicare Part B at age 65 or older. You can change your mind during this time and cancel your current policy or buy a new one.
You should talk with your friends, family, and a financial adviser about Medicare supplement plans before you make a decision. These individuals can provide information on how the plan works, general costs, and when you can switch or drop a policy.
In addition, many states offer free counseling services for people with Medicare and Medicare supplement plans. These organizations are federally funded and can provide you with advice, information, and assistance with your enrollment and benefits questions.
For example, your state’s Department of Insurance or the State Health Insurance Assistance Program can help you with this process.
Your state’s Department of Insurance (TDI) has an online tool that you can use to find a Medicare supplement plan in your area and learn about the different types of plans. It will also give you a list of Medicare supplement insurance companies in your area and contact information for them.
The TDI website offers an interactive guide that walks you through the process of choosing the best plan for you. This guide includes a summary of the various benefits offered by each of the ten plans.
When you have decided on the Medicare supplement plan you want, you’ll need to fill out an application. You can do this online or with an agent. It’s helpful to have a copy of your Social Security card or Medicare identification number ready so you can easily provide it to an agent.
During your open enrollment period, the TDI website will let you compare the various benefits and prices offered by each company. You can also get an estimate of the premium for your chosen Medicare supplement plan from TDI’s calculator.