Original Medicare (parts A and B) covers about 80 percent of medical expenses. If that’s not sufficient to meet your needs, you may want to explore supplemental options.
If you’re specifically looking for a Medigap (Medicare supplement) plan, here are some things to consider as you are evaluating your options.
Choosing an insurance company
When deciding on a company for your Medigap plan, you’ll want to look at the company’s premiums, reputation and commitment to excellent customer service – especially because the benefits associated with each Medigap plan are standardized by the federal government. This means that the coverage you receive will be the same regardless of the insurance company you decide to purchase through.
And remember, with a Medigap plan, you can visit any doctor that takes Medicare insurance anywhere in the United States.
Timing is everything
Try and avoid applying for coverage outside of your open enrollment period (usually when you are first enrolled in Medicare Part B) or another guaranteed issue period, as this can affect your acceptance and monthly premium for a Medigap plan. In addition, choosing a plan outside of those periods will mean your plan premium will be based on the results of a current health status review, in addition to your age and where you live.
New for 2017 is a subsidy program managed by the Michigan Health Endowment Fund that will help some beneficiaries pay their Medigap monthly premium. This support is available for individuals who meet certain income levels and other eligibility requirements. But the subsidy is only available if you have a Medigap plan through participating plans, such as Priority Health. The subsidy can range from $40 to $125 each month, depending on each person’s situation. If you think you might be eligible, now is the time to find out at michiganmedigapsubsidy.com.
For more information on selecting the right Medicare plan, download Priority Health’s Medicare Guide below.