Original Medicare polices are meant to provide critical coverage for many different healthcare services that are needed by senior citizens. It is important to keep in mind that there is no cap to the yearly expenses associated with a Medicare policy and that the beneficiaries of these policies are still responsible for paying the deductibles and co-insurance.
Luckily, Medicare Supplement insurance is meant to help cover these costs, which is why it is sometimes referred to as “Medigap” insurance. Depending on the policy, the Medicare Supplement insurance will either pay all or some of the Original Medicare co-insurance and deductibles. The supplement insurance is considered a secondary insurance policy, since it will only “kick in” once the coverage from your Original Medicare policy has been exceeded.
There are specific enrollment periods in which you are allowed to enroll in a Medicare Supplement plan. In most cases, open enrollment plans begin on the first day of the month that you turn 65 or older in. You also must also already be enrolled in a Medicare Part B plan.
You will also have guaranteed issue rights if any of the following scenarios apply to you:
- You lose coverage from your other health care policy.
- You are still in the Medicare Advantage trial period and you decide to change your mind about the coverage.
- In Oregon, the “Birthday Rule” will allow you to switch from one Medicap insurance plan to another plan that has either the same or lesser benefits. The switch can only be made for 30 days, starting on your birthday.
For any questions or concerns about your Original Medicare or Medicare Supplements plan, contact Senior Choices NW in Wilsonville, Oregon. We will work with you to ensure that you have the right amount of insurance to meet all of your needs.