Are you considering availing Medicare Supplement plans, also recognized as Medigap? You may be aware that this plan pays the costs for your Original Medicare (Part A and Part B), but you must know when you will be eligible. There are situations and eligible terms and here is the overview.
When I will be eligible?
- The Medicare Supplement Plans complement the coverage of your Original Medicare and this means you must have Part A and Part B to be considered eligible to avail this Medigap policy.
- There is a need for you to stay enrolled to get the hospital and medical coverage in Original Medicare. The Medicare Supplement plans are not only to offer stand-alone health coverage; in fact these plans assist with some out-of-pocket costs that the Original Medicare does not pay for as coverage.
If you have not attained 65 years and have Medicare owing to end-stage renal disease, disability or amyotrophic lateral sclerosis, the Medicare Supplement Plans coverage eligibility may depend on the place or state you live. This is because not all the states provide Medicare Supplement Plans for people under 65.
Apart from this, bear in mind that Medicare Supplement plans exclude prescription drug benefits. The Medicare Supplement plans in the past, included this coverage, but the latest new plans exclude the drug prescription benefits. In case you have older Medicare supplement policy that features the coverage of prescription drug, ensure it is creditable or pay a late-enrolment penalty if you later on sign for the drug prescription.
One thing is for sure that the Medigap plans exclude the benefits of prescription drug, in case you are already enrolled in Original Medicare. Yet, if you require help with the costs of prescription drugs, you can avail this coverage by getting enrolled in a Medicare Prescription Drug Plan separately or outside that is completely detached.
How does enrollment period affect eligibility?
The right time to get enrolled in Medicare Supplement plans is when there is Open enrolment and this period begins as you turn 65 and is available for next six months, but by that time you should have Medicare Part B. Only then you can buy Medicare Supplement Plan available, regardless of your health issue. The insurance company at this time cannot charge more even if your health problems are serious and it cannot deny you coverage for the pre-existing conditions. This is referred to as guaranteed-issue rights that come as a special protection.