Keeping Your Health Care Costs Down
To help pay for health care bills not covered by Original Medicare, most Medicare beneficiaries choose to purchase supplemental insurance of some kind. Medicare Supplement policies, often called Medigap plans, fill in the gaps in coverage left by Medicare Part A and Part B and help you cover remaining expenses, including copayments, coinsurance and deductibles.
The costs of Medicare Supplement policies may vary and will increase as you get older.
At Wooten, we’re dedicated to coming alongside our clients to ensure they have access to health care they can trust and afford. To determine whether a Medigap policy is right for you, please reach out to our Cary office.
How Medigap Policies Work With Medicare
Offered by private companies, Medigap policies are designed to supplement Original Medicare. If you are enrolled in a Part C Medicare Advantage plan, you cannot purchase a Medicare Supplement policy.
Medigap policies must follow federal and state laws. Insurance companies may only sell standardized policies which are identified by the letters A-N.
Please note that Medicare Supplement policies, unlike Medicare Advantage plans, do not offer prescription drug coverage. If you would like Part D benefits, you can enroll in a Medicare Part D plan (PDP) separately.
If you are unsure whether to enroll in Medigap or a Medicare Advantage plan, let us help you! Our agents walk you through your options, explaining the coverage and costs of each. At Wooten, we take interest in your individual needs, concerns and questions. Always thorough and never pushy, our goal is simply to help you find which coverage is best for you.
Enrolling in Medigap
There is a one-time Open Enrollment Period for Medicare Supplement insurance. This six month period will begin the first month you are enrolled in Medicare Part B. During this time, you are guaranteed issue of a Medicare Supplement policy – regardless of your health status.