Medicare Supplement Plans, also known as Medigap plans, help with out-of-pocket expenses not paid for by Original Medicare (Parts A and B). These are private insurance policies that are sold by insurance companies. The Medicare supplemental insurance you choose can vary in price between different insurers, but the standardized benefits each plan offers are the same. You will need to pay a monthly premium for this insurance.
When you buy a Medicare supplemental plan, it is important to shop around and ask for quotes from multiple insurers. The company that sells the most competitively priced plan is the best option. However, you should be aware that insurance companies can’t legally pressure you into buying a policy, and you should always take your time to make a decision. You should also take notes and ask questions when you talk to an insurance agent, so you can understand the information completely.
The plan you purchase will also depend on your health Medicare Supplement Plans status and whether or not the insurer offers guaranteed issue rights. Guaranteed issue rights are periods of time when the insurance company can’t deny your application or charge higher rates because of preexisting conditions. These periods of time typically last for six months. If you apply for a Medicare supplement plan during these times and the policy isn’t issued, you can get back any unearned premium that you paid.
In most states, a Medicare supplement plan is standardized, which means that the benefits offered by each policy are identical no matter what company you buy it from. The only exceptions to this rule are Medigap plans in Massachusetts, Minnesota, and Wisconsin, which may have a different benefit structure based on the state laws in those areas.
Another thing to consider when shopping for a Medicare Supplement plan is the amount of coverage each plan offers. Many supplemental plans offer extra coverage for things like foreign travel and dental care. You can also find plans that include a Part D prescription drug plan, which is optional. If you purchase a Medicare Advantage plan, you can’t have a standalone Part D prescription drug plan at the same time.
If you do not enroll in a Medicare Part D drug plan when you first become eligible for Medicare, you’ll have to pay a 1% penalty for every month that you go without the coverage. To avoid this penalty, you can enroll in a Part D plan during the Open Enrollment period or during the Guaranteed Issue period.
Each EmblemHealth Medicare Supplement Insurance plan meets the minimum standards for Medicare supplements in the State of New York and is backed by an Expected Benefit Ratio of 90 percent. The expected benefit ratio is the portion of future premiums that EmblemHealth expects to return as benefits on average for people who have the plan. This is the highest level of quality that can be expected from any Medicare supplement insurance company in the nation. EMblemHealth Medicare Supplement Insurance is underwritten by the following insurance companies: Cigna National Health Insurance Company, Cigna Health and Life Insurance Company, American Retirement Life Insurance Company, and Loyal American Life Insurance Company.