Medicare Supplement Plans in Sarasota, FL, Tampa, FL, St. Petersburg and Surrounding Areas

Things to know about medicare supplement plans 

Medicare Supplement plans, also known as Medigap plans, are insurance policies designed to fill the “gaps” in Original Medicare coverage. Bay Marketing Concepts offers medicare supplement plans in Sarasota, FL, Tampa, FL, St. Petersburg, Brandon, FL, Naples, FL, Lakeland, FL and surrounding regions. 

These are five key points to know about these plans: 

1. Standardized Coverage: Medicare Supplement plans are standardized by the federal government, meaning each plan type offers the same basic benefits regardless of the insurance company offering it. As of 2022, there are 10 standardized plans labeled A through N, each with its own set of benefits. However, Massachusetts, Minnesota, and Wisconsin have their own standardized plans. 
2. Coverage of Out-of-Pocket Costs: Medicare Supplement plans typically cover certain out-of-pocket costs that Original Medicare doesn’t cover, such as deductibles, coinsurance, and copayments. For example, some plans may cover Medicare Part A and Part B deductibles, skilled nursing facility coinsurance, and foreign travel emergency care. 
3. No Provider Networks: Unlike Medicare Advantage plans, which often have provider networks, Medicare Supplement plans allow beneficiaries to visit any doctor or hospital that accepts Medicare patients. This offers greater flexibility in choosing healthcare providers without worrying about whether they are in-network. 
4. Monthly Premiums: While Medicare Part A (hospital insurance) is typically premium-free for most beneficiaries, Medicare Part B (medical insurance) requires a monthly premium. In addition to the Part B premium, beneficiaries with a Medicare Supplement plan must pay a separate premium to the insurance company offering the plan. Premiums can vary depending on factors such as the plan type, the insurance company, the beneficiary’s age, and location. 
5. Enrollment and Guaranteed Issue Rights: The best time to enroll in a Medicare Supplement plan is during the open enrollment period, which begins the month you turn 65 and are enrolled in Medicare Part B. During this period, insurance companies cannot deny coverage or charge higher premiums based on pre-existing conditions. However, if you miss this enrollment window, you may still be able to enroll in a plan, but you could be subject to medical underwriting, which may result in higher premiums or even denial of coverage based on your health status. 

Understanding these key points about Medicare Supplement plans can help beneficiaries make informed decisions about their healthcare coverage options and financial planning for healthcare expenses in retirement. Kindly call us without hesitation.