As if the complexities of Medicare aren’t enough to boggle the mind, what do you do about the various expenses Medicare doesn’t cover? This article will give you a taste of what Medical Supplement Insurance, also known as MedSup or Medigap, is all about.
Why MedSup?
Despite all that Medicare covers, the copayments, coinsurance, and other costs can get expensive or even devastating. That’s why, according to a recent report, more than 12 million Americans have enrolled in MedSup. These plans are designed to fill in the gaps and minimize your out-of-pocket expenses.
What MedSup Does & Doesn’t Cover
MedSup plans are designed to cover out-of-pocket expenses for services covered under Medicare. This doesn’t include care that’s not covered by Medicare, such as:
• long-term care in a nursing home
• private-duty nursing care
• dental & vision
• hearing aids
As for prescriptions, they could only be covered under MedSup plans purchased before 2006.
When You Need to Sign Up
Your six-month enrollment period starts the first day of the month when you turn 65 and have enrolled in Medicare A and B. You must be enrolled in both A and B to be eligible for MedSup. It helps to be informed and ready when the time comes.
AMBA to the Rescue
There are ten different MedSup plan designs, A through N. While costs can vary, the benefits for each are the same across all states and carriers. While all MedSup policies may not offer all plans, they’re required by law to offer A in addition to C or F.
If this sounds complicated, worry not. AMBA is here to help. Our agents are specially trained to explain MedSup policies endorsed by your association and help you choose the one that best fits your needs and budget.
With AMBA’s support and expertise, preparing for retirement can be as easy as ABC (plus the next seven letters).
SOURCE: https://www.medicareresources.org/medicare-benefits/medigap/#gaps
