Medicare Supplements are not intended to provide additional coverage in the same way as Medicare Advantage. These supplements, otherwise known as Medigap, cover the additional costs of Original Medicare.
Medigap is a great option for peace-of-mind about your Medicare costs and budget.
Medicare supplements do not provide additional benefits in the same way as Medicare Advantage. It instead covers the out-of-pocket costs of Original Medicare.
These covered costs include:
Medicare Part A and Part B Deductible
Hospital Care After 60 Days
Skilled Nursing Facility Care After 60 Days
To be eligible for Medigap, you must first meet the requirements of and have Original Medicare. Once you have met these standards, you are able to apply for Medigap at any point.
It is important to keep in mind, however, that while you have the option to apply for coverage at any point, the best time to do so is six months after your Part B coverage begins. During this window of open enrollment, you may apply to any Medigap plan regardless of your health condition.
You may still apply outside of this initial time, but Medigap providers may alter their costs to fit your medical needs. Be sure to understand the costs of your plan prior to signing up.
Costs of Medicare Part C and D
Medicare Advantage, or Medicare Part C, is an alternative coverage option to Original Medicare that provides additional coverage options. Its cost is largely dependent on the provider you choose. The same generally also applies to Part D prescription drug coverage. There are certain factors you can consider to estimate costs:
The Plan’s Monthly Premium
The Plan’s Yearly Deductible
The Plan’s Copayments/Coinsurance
The Plan’s Limit on Out-of-Pocket Costs
Applying for Medicare does not have to be a difficult process. If you have been receiving disability benefits for two years or more regardless of age, you will automatically receive Medicare coverage. You are also automatically eligible if you are suffering from End-Stage Renal Disease (ESRD) or receive Railroad Retirement Board (RRB) benefits.
You can begin the Part A and B application process three months before you turn 65. If you apply 3 months after your 65th birthday, you may receive lifetime late fees. For these reasons, we recommend applying as soon as possible in order to avoid coverage gaps and additional costs.
This late penalty will also apply if you delay your application to Medigap and/or Part D prescription drug coverage. You may also apply for Medicare Advantage during any open enrollment period without additional fees.