Medicare Supplement Insurance Plan
What Is Medicare?
Medicare is the Federal Health Program for individuals 65 and older or have a disability under 65 years of age.
What is Original Medicare?
When can I enroll in Medicare Parts A and B?
ICEP — Initial Coverage Enrollment Period
(7 months total) – 3 months before 65th birth month, 65th birth month, 3 months after Example – If your birthday is in April, you’re eligible to enroll during January, February, March, April’s birth month, May, June, and July
AEP – Annual Election Period
October 15th through December 7th
Medicare Advantage and Part D Prescription Drug Plan changes allowed.
SEP – Special Election Period
Medicare Advantage or Part D Prescription Drug Plan changes allowed all year, based on special events like a move, new to Medicaid or loss of Employer coverage.Example – If your birthday is in April, you’re eligible to enroll during January, February, March, April’s birth month, May, June, and July
OEP – Open Enrollment Period
January 1st through March 31st
Only Medicare Advantage plan-to-plan changes or return to Original Medicare with a Part D Prescription Drug Plan are allowed.
Original Medicare does not pay for everything. It pays 80% of Medicare eligible expenses, leaving you with 20% on an unlimited basis. Whereas most Employer plans and individual plans from the Marketplace are required to have an out-of-pocket maximum to be ACA compliant. A Medicare Supplement Insurance Plan (Medigap) does not include Part D Prescription Drug Plan. Further,
- You must have Medicare Parts A and B
- Plans are offered by private insurance companies
- Plan examples are G and N
- Medicare Supplement Insurance Plan (Medigap) picks up where Original Medicare leaves off.
- NO doctor networks — any certified Medicare doctor, anywhere
- No medical underwriting up to 6 months after enrolling in Part B
- Monthly premiums vary by county, state
- RX not included. Must obtain RX in a stand-alone Part D Prescription Drug Plan
- Plan popular with travelers or snowbirds because there are no networks.
Our services are at no charge to you. We are paid by the insurance companies. Our primary goal is to get the right medical plan for your needs with an insurance company that has a stable financial outlook.
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